PROVIDENCE – The Rhode Island Health and Educational Building Corp. closed a $70.95 million bond issue for Achievement First Rhode Island on April 7, the state financing agency announced on Tuesday.
Proceeds will go toward: The purchase and renovation of the Achievement First Iluminar Mayoral Academy Elementary School building and property at 85 Garfield Ave, Cranston; the acquisition and renovation of a permanent home for Achievement First Providence High School, currently at 315 Laurel Hill Ave.; and the refund of 2019 RIHEBC bonds issued on behalf of Achievement First, which were used for the initial renovation at 85 Garfield Ave, and for improvements at AF Providence elementary and middle schools located at 370 Hartford Ave.
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“RIHEBC is proud to provide financing assistance to Achievement First to help meet their growing facilities needs through this $70 million bond issue,” said Kim Mooers, executive director of The R.I. Health and Educational Building Corp.
Achievement First is a nonprofit organization that operates 29 public charter schools in Rhode Island, Connecticut and New York. Its first Rhode Island school, Achievement First Providence Mayoral Academy, opened in August 2013. Its second school, Achievement First Iluminar Mayoral Academy, an elementary institution, opened in August 2015.
The organization currently has seven schools in Cranston and Providence, serving students K-12 from Providence, North Providence, Cranston and Warwick.
“RIHEBC has been a tremendous partner helping us meet our facilities needs as Achievement First Rhode Island continues to grow to serve more students from some of Rhode Island’s highest-need communities,” said Jillian Fain, director of external relations for Achievement First. “This bond issue will allow us to purchase and renovate two school buildings so that we can provide our students and teachers with the highest-quality learning environments they need to succeed and thrive.”
