In July 2021, IPS Enterprises Inc. closed on the financings to acquire and construct IDEA Florida’s second campus in Jacksonville. This $23 million financing will construct Phase I of a K-12 school on the 30-acre campus housing about 1,500 students. The school will be knows as River Bluff, and was purchased from Jacksonville University and is adjacent to JU. It will also eventually offer a soccer field, along with a gymnasium.
Like other Florida financings of IDEA, this project is part of the State’s Schools of Hope program, which provides both facility and operational funding for qualified organizations like IDEA. Of the $23 million in funding, about $8 million was subordinate debt provided by the Florida Dept. of Education and administered by Building Hope. The roughly $15 million in senior debt was provided by PNC Bank.
River Bluff will open in fall of 2022 with 500 students in grades K-2 and 6, along with IDEA Florida’s campus on Basset Road which closed earlier this year. IDEA Florida has also funded two campuses in Tampa which are scheduled to open this fall, and will soon be financing a third campus in Tampa later this year, for opening Fall 2022, and through the 2027 school year IDEA Florida seeks to operate a total of sixteen schools in Tampa and Jacksonville.
Buck Financial Advisors served as financial advisor to IPS Enterprises, Inc., who will own the property and lease it to IDEA Florida. Hunton Andrews Kurth served as borrower’s counsel to IPS. Orrick Herrington & Sutcliffe served as counsel to PNC Bank, and Kutak Rock served as counsel to Building Hope. InSite EFS provided real estate location and brokerage services, and PMSI is serving as project manager. Congratulations to the students and families in the Arlington area of Jacksonville on having another high quality K-12 option.