Blank Rome Represents Telesis CDE Corporation in $6M NMTC Financing of New Cristo Rey FacilityDeal
Blank Rome successfully represented Telesis CDE Corporation in the six million dollar new markets tax credit ("NMTC") financing of a new facility for Cristo Rey High School, an independent Catholic college preparatory high school for students of all faiths who cannot otherwise afford a private education. The school is a member of the Cristo Rey network, which includes 32 schools serving more than 10,000 low-income students across the country.
Cristo Rey purchased two parcels of land located at 1729 and 1711 West Allegheny Avenue in Philadelphia, one of which is listed in the National Historic Register. The project includes new construction on a vacant parcel comprised of 30,000 square feet of land, and a new school building renovation of an existing 40,000-square-foot historic building located on an adjacent parcel.