
"A private school in Hillsborough is borrowing $26 million in muni bonds to modernize the historic mansion that stands as the picturesque centerpiece of the campus. The Crystal Springs Uplands School about 20 miles south of San Francisco charges $66,450 a year and serves almost 570 students. It plans to use proceeds from the sale to help pay for the nearly $50 million makeover of the opulent mansion its called home for almost 70 years."
"The offering marks the first time Crystal has tapped the muni market for financing, rather than working directly with a bank. Talbott said the public sale is likely to be cheaper and provide more favorable terms. A rush of private schools opted to borrow in the muni market last year after the 2023 bank crisis claimed the niche sector's most devoted lenders, altering their well-trod path for tapping capital markets."
Crystal Springs Uplands School, a nonprofit independent school in Hillsborough about 20 miles south of San Francisco, is borrowing $26 million in municipal bonds to help pay for a nearly $50 million modernization of the historic Uplands Mansion that anchors its campus. The school charges $66,450 annually and serves almost 570 students. The offering marks the school's first use of the muni market rather than bank financing, with a sale through the California Enterprise Development Authority expected Sept. 30. The debt carries an A rating from S&P and will supplement fundraising. Officials expect strong investor demand, especially from California-focused portfolios. The mansion was built in 1917 and designed by Willis Polk for the grandson of railroad magnate Charles Crocker.
Read at www.mercurynews.com
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