The Packer Collegiate Institute of Brooklyn, N.Y., closed on the purchase of 100 Clinton Street in Brooklyn Heights.
The building, which is one block from the School’s campus on Joralemon Street, will house Packer’s Preschool and Kindergarten classes beginning in the fall of 2017.
To fund the purchase and to refund the School’s existing debt, Packer issued $22 million in tax-exempt fixed rate bonds, with J.P. Morgan serving as underwriter. The Series 2015 Bonds were structured as serial bonds due in 2017 through 2035 and term bonds due in 2040 and 2045.
“The purchase of 100 Clinton Street is a vital and transformative event for the School. In addition to adding a state-of-the-art early childhood center, it allows us to use the vacated space on Joralemon Street to expand our science, technology, engineering, and math facilities,” said Head of School Bruce L. Dennis.
Packer’s 2015 bonds, which mature in 30 years, received an A-3 rating from Moody’s Investor Services.
“I am delighted that the bonds received such a strong rating, which reflects the School’s current financial performance and future outlook,” said Ronan Harty, Chair of the Board of Trustees.
“The bonds were exceptionally well received, with a number of significant investors purchasing them for their portfolios. The School’s true interest cost was 3.89 percent,” said Chief Financial Officer Elizabeth Winter.
The purchase of 100 Clinton Street, for which Barry Berkowitz and Justin DiMare with NGKF Capital Markets served as brokers, is Packer’s first property acquisition since 1967.
About The Packer Collegiate Institute
Founded in 1845, The Packer Collegiate Institute is the oldest independent school in Brooklyn. A co-educational school enrolling over 1000 students from Preschool through Grade 12, Packer is located at 170 Joralemon Street on a landmarked campus of contiguous buildings, including the former St. Ann’s Church, which the school acquired in 1967.
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