Borrower : Pinecrest School Inc.
Where : Annandale, VA
Project Type : Construction-to-Permanent Loan
Pinecrest School, now in its 61st year, is a non-profit, independent preschool-through-sixth grade located just outside of Washington, D.C. Pinecrest has two buildings on campus, the most recent built in 2004. The second structure, however, is deteriorating and in need of a safer, more energy efficient replacement to accommodate a larger student population.
In 2014, Fairfax County approved design plans for the Annandale private school, which worked with VCC to develop a loan for Pinecrest to begin construction and pay back the loan over five years. The new facility, which opened in early December 2017, is a modular building project with pre-fabricated components and houses the school’s lower school students and administrative offices.
Compared to other schools in the Northern Virginia area, Pinecrest is affordable and provides a high degree of financial aid to a lot of families, many of whom have international backgrounds. Tuition is approximately $7,000 for half-day preschoolers and $15,000 for full-day kindergarten through grade six. In addition, Pinecrest students enjoy small class sizes of about 8-12. The school is fully accredited and has earned prestigious awards. The school also has a robust and engaging summer camp program, Pinecrest Pavilion, which has also earned local recognition.
Small classes, high expectations, a nurturing and diverse environment, and engaging faculty make the Pinecrest experience one-of-a-kind. So it was important VCC take a close look at the opportunity in order to help Pinecrest School continue impacting the lives of its students.
Education plays a vital role in part of VCC’s mission of promoting vibrant communities. Our involvement with Pinecrest School illustrates our mission-lending by combining a traditional loan with a considerable mission-focused element: In funding the loan, we help Pinecrest not only construct a beautiful and efficient new building but ensure continued affordability for parents and help the institution grow into the future.
Beyond lending, we’re a partner for all projects, and our borrowers are able to tap into our vast industry expertise to learn more about best practices and observed challenges in real estate projects like this one. We bring in experts and stakeholders to make certain every project has a plan for success and can deploy talent and resources to answer complex questions our partners may have regarding capital sources, regulations, development methods, and more.