CHEFA Board of Directors Approves $30 Million Bond Issue for Brunswick School
We are delighted to announce that the CHEFA Board of Directors has granted approval for the Brunswick School Issue, Series E, in the amount of up to $30 million. This decision was made during the June 21, 2023 Board Meeting, marking a significant milestone in the school’s development.
The proceeds from the Series E bonds will be dedicated to the acquisition of a prestigious 16.5-acre parcel, previously known as Carmel Academy, located in Greenwich, CT. This exceptional property encompasses a collection of 15 buildings. Notably, a majority of these structures hold historical significance and are proudly listed on the National Register. With over 92,000 square feet of building office space the campus also offers an array of amenities such as playgrounds, playing fields, courtyards, and tennis courts. Brunswick also has plans to renovate up to four buildings, transforming them into 16 units of employee housing.
Plans are also underway to relocate the School’s Pre School, currently enrolling 90 boys, to this new campus. Furthermore, a cutting-edge day care facility is set to be established, catering to the needs of up to 50 infants through preschool-age children. This visionary expansion aims to bolster Brunswick’s commitment to excellence and further support their strategic goals.
The financing for this landmark land purchase aligns with Brunswick’s comprehensive capital campaign plans. It will furnish the necessary resources for essential improvements, expansion, and the overall advancement of the institution. Additionally, this strategic move will enhance the School’s ability to provide a world-class education, address the evolving needs of its student body, and cultivate a diverse community through continued support of financial aid initiatives.
JP Morgan Chase will serve as the underwriter for this transaction, which is anticipated to price and close in the forthcoming weeks.
Stay tuned for more updates on this exciting endeavor!