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| EFG finances Vallejo School District Joint Venture |
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EnviroFinance has provided $7.25 million in debt financing for the acquisition of three former school sites and a city corporation yard from the Vallejo (California) Unified School District. Vallejo Unified Brook, LLC, an affiliate of Calif.-based developer Brooks Street will take these four sites — two of which are currently contaminated with petroleum from underground storage tanks — through remediation/clean-up and re-entitlement for medium to high-density residential development.
The Vallejo Unified School District entered into an agreement with Brooks Street because of their development and clean-up experience. This, along with EnviroFinance’s capital and expertise in brownfield financing, proved to be a winning combination, allowing the School District to meet near term cash needs while also increasing its tax base and converting previously unusable public facilities into new residential housing in an otherwise built-out community. |
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