Low Income Investment Fund (LIIF) announced a $18.1 million construction and mini-permanent loan to fund the expansion of an independent charter school, Ethos Classical School, in southwest Atlanta.
Ethos Classical School is a tuition-free public elementary school serving families and primarily focuses deeply on the facets of a liberal education and highly involved school community.
The loan will enable the construction of a 44,162 square-foot, three-story facility that will connect to the existing school structure.
The addition will allow Ethos to reach a full enrollment of 648 students by the start of the 2025 school year. This is up from an original capacity of 340 students in grades Kindergarten, first grade, second grade and fifth grade. The school will grow by one grade level per year until it reaches full capacity across grades K-5.
LIIF and Reinvestment Fund each contributed $9.1 million to the loan, which is the second financing for Ethos.
In January 2022, LIIF and Reinvestment each provided $3.2 million to support the purchase of property for the expansion, various pre-development efforts and related site work for the first phase, which began in April following the second phase, which began in November.
Once completed, the school will encompass more than 50,000 square feet and feature 24 K-5 classrooms, multiple enrichment rooms, a library, an outdoor play area and additional spaces to support educational development.
“The loan is a key factor in ensuring every scholar whose education we are entrusted with has an extraordinary elementary experience”, according to a press release from the school said Emily Castillo León, Founder and Executive Director of Ethos Classical. “For the past four years, we’ve been getting results with our scholars in spite of our building. Moving forward, we’ll be able to accelerate our impact with our expanded space. What a gift.”