Loan Portfolio

Location: Oakland, CA and San Jose, CA
Enrollment: Network: 6,200; Obligated Group: 999
Loan Amount: $16 million
School Savings: $6 million
School Link: www.kippnorcal.org
Ratings Direct: KIPP Public Schools Northern California
Obligor Summary: KIPP Public Schools Northern California Obligor Summary

Founded in 2002, KIPP Public Schools Northern California (KIPP NorCal) operates 15 schools spanning grades K through 12 in areas of San Francisco, Oakland, San Lorenzo, San Jose, Redwood City, and East Palo Alto that have traditionally lacked access to high-quality education options. KIPP NorCal is dedicated to providing tools and guidance for students as they develop the knowledge, skills, and character essential to thrive in college, shape their futures, and positively impact the world. 94% of KIPP NorCal students graduate from high school and 83% of alumni matriculate to college.

In 2019, EFF provided KIPP NorCal a $16 million, 30 year, fixed rate loan to refinance loans used to construct two school facilities — a 30K square foot facility to house KIPP Heritage Academy in San Jose and a 17K square foot annex to accommodate enrollment growth at KIPP Bridge Academy in Oakland.

In 2021, EFF provided a $13.0 million, 35-year, fixed rate loan to acquire an existing building that will serve as home to  KIPP Esperanza High School in East Palo Alto.

By securing the two EFF loans,  KIPP NorCal will save a total of $6.0 million in total compared to alternative financing options.

“Our experience working with EFF was our first loan of this size. We were working on a tight timeline, and the EFF team made the process seamless for us from diligence to loan close, collaborating with us through the typical challenges encountered during the loan process. EFF partnered with us to put in place a flexible permanent legal structure that will enable us to achieve our long-term real estate goals in the San Francisco Bay Area. Ultimately, EFF offered exceptional terms, eliminating interest rate risk with low transaction costs and flexible terms. Closing this loan efficiently means we can get back to the incredibly important work of running high-quality schools so that our students can lead choice-filled lives with purpose and passion.”

– Cory Harris, Managing Director of Finance, KIPP Public Schools Northern California