LIIF has closed on a $19 million secured New Markets Tax Credit (NMTC) source loan to Carmen High School of Science and Technology, a nonprofit charter school located in a historically underinvested neighborhood on the south side of Milwaukee, Wisconsin (renderings below). The intricate capital stack includes LIIF at $6 million; peer CDFI co-lender IFF at $7 million; and participant CDFI lender, Nonprofit Finance Fund, at $6 million. Additionally, the loan is supported by credit enhancement from Department of Education awards.
Carmen will build a new three-story, 120,000-square-foot school facility featuring 44 classrooms, onsite art and music classrooms, a library, soccer field, gymnasium and STEAM (Science, Technology, Engineering, Arts and Mathematics) labs. Approximately 1,100 students will attend the school.
Carmen will build a new three-story, 120,000-square-foot school facility.