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West Gary Lighthouse Academy Charter School
Gary, Indiana
www.lighthouse-academies.org
Expanding on a successful working relationship between CSDC and Lighthouse Academies, Inc. (LAI), a non-profit CMO and strategic partner of CSDC, CSDC acquired, developed and leases (with a purchase option) a new facility for the West Gary Lighthouse Academy Charter School (WGLA) in Gary, IN.
As a start-up school with no proven enrollment, WGLA lacked the credit history and real estate expertise that would have enabled the school to secure the financing to purchase and construct the new facility for the start of the 2006-07 school year.
Through its Turnkey Facilities Development Program, CSDC was able to meet LAI's facility needs and purchased a 3.5-acre site on which it built a 29,000 sq. ft. facility to serve 400 students in grades K-6. The $4 million project was financed by Mercantile Bank of Indiana. The Building Block Fund posted $870,000 as additional collateral to secure the financing and complete the transaction.
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