A Private Non-profit Elementary School in Manhattan

Project Summary

Our client, a 200-student private school in Manhattan, wished to purchase the building they had been leasing for the past 10 years.


  • The client wanted to pursue a triple tax-exempt variable or fixed rate bond financing in the capital markets which would have provided a much lower rate than a conventional taxable bank financing.
  • However, this option was not available due to legislative roadblocks preventing the issuance of tax-exempt bond financing by the NYC IDA on behalf of the client.
  • The School had been denied financing by many large money center banks.


TFF’s network of commercial lenders was crucial in obtaining financing for the school, as we were able to secure financing from a community bank. The school was not familiar with the lender, and was very pleased that the transaction could be completed.


The project financing was closed successfully and the School owns a permanent facility for its students. Should tax-exempt bond financing become available, we will facilitate refinancing of the original bank loan by structuring the bonds as a private placement with the current lender or as a variable rate bond enhanced with a Letter or Credit (LOC). Our services will include preparation of all applications for submission to the issuing agency, complete financial and cost savings analysis, and advice on financial structuring and placement of bonds.