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Charter School Facility Construction Starts at Joint Base Andrews in Maryland
Construction of a charter school facility has begun at Joint Base Andrews, a military base located in Prince Georges County, Maryland, near Washington, D.C., in a partnership of a private development company and the Department of the Air Force.
Imagine Andrews Public Charter School opened in temporary quarters on the base in 2011, with the expectation of construction of a facility on the base. AMC East Communities, a joint venture of the Department of the Air Force and Clark Realty Capital, is set to build the 35,000-square-foot facility, according to an announcement from Clark Realty Capital.
The developers called the project the “first new charter school building financed entirely with private capital” on a U.S. military installation. Construction started in June 2012 and is expected to be completed by late fall of 2012.
Enrollment at the school, which serves students from both the military base community and the general public in Prince Georges County, is expected to grow to about 500 students in grades K-8 over the next five years.
Charter Schools Development Corporation (CSDC) will design, develop, finance, and construct the new school with a $6 million loan from EagleBank, according to the announcement, which states AMC East Communities “facilitated the transaction with a loan guaranty backed by cash flows generated from its 1,600-unit privatized military housing portfolio and augmented by a corporate guaranty from Clark Realty Capital.”