Delivered through public private partnership, the Northeast Community Propel Academy was constructed on land adjacent to an existing high school that was owned by The School District of Philadelphia (“SDP”). The SDP, an investment-grade rated political subdivision of the Commonwealth of Pennsylvania and affiliated with the City of Philadelphia, transferred the property to Gilbane via a purchase and sale for the explicit purpose of developing the new K-8 school. Upon completion, SDP will repurchase the property with the completed project. The capital stack consists of 100% debt backed by the credit of the SDP, who committed to a bond issuance to pay for the turn-key delivery. Despite construction taking place throughout COVID, the school was turned over ahead of time for the September 2021 school year.