The Corlears School
The Corlears School ("Corlears" or the "School"), founded in 1968, is a nursery through fifth grade independent school located in New York City, in the area known as Chelsea. It serves families from a broad variety of neighborhoods from the five boroughs of New York. The program and curriculum are specifically designed to be interdisciplinary, encouraging active, collaborative learning within a multi-aged environment. The focus is teaching the whole child with the view to developing critical, socially engaged intelligent, and lifelong learners. The School currently has 177 students, with an average class size of 17 students.
In July 2012, Prager & Co., LLC served as a placement agent for Corlears. The $10 million tax-exempt financing was structured as a direct bank purchase and bonds were issued through Build NYC Resource Corporation. The bonds provided funds for the refinancing of taxable loans previously incurred by Corlears, proceeds of which were used to finance the acquisition, construction, renovation, furnishing and equipping of a 6,300 square foot building and improvements to the School's 15,000 square foot main building.
Prager worked with Corlears and the Board in structuring a transaction that realized significant savings for the School.