SOURCE: ASPIRA of Florida

ASPIRA of Florida

December 13, 2011 13:42 ET

ASPIRA of Florida Purchases Its Charter School Property in Wynwood

Advancing the Vision of an Academic Village Serving Miami Community

MIAMI, FL--(Marketwire - Dec 13, 2011) - ASPIRA of Florida, Inc. today announced the $8.407 million purchase of the Wynwood property housing its Eugenio Maria De Hostos Charter School.

"This milestone allows ASPIRA to continue developing our educational program and provides a permanent home for our students," said George Cabrera, Chief Financial Officer. "ASPIRA of Florida turns 30 this year. We couldn't think of a better way to usher in a new decade than with this major accomplishment that will enable us to carry on our vision as the academic village in the Wynwood community, offering transformative education and excellence in youth leadership development."

Since opening its doors in 2001, the Eugenio Maria De Hostos Charter School, One NE 19 Street, Miami, has focused on motivating students and providing them with the strong educational foundation necessary to pursue their dreams, added Cabrera. "This acquisition establishes and defines ASPIRA as an expanding academic institution in the South Florida," he said.

ASPIRA's financial partners in the transaction were Fifth Third Bank, Florida Community Loan Fund, U.S. Bancorp Community Development Corporation, and Stonehenge Capital. Cabrera said that through the NMTC structure, ASPIRA received a $5.2 million below market rate loan and will be receiving up to $3.2 million in additional equity funding.

"ASPIRA's mission is to positively transform the lives of our youth and help them reach their dreams through the means of an education," said attorney Edward Hernandez, Board Chairman of ASPIRA of Florida, Inc. and partner at a local law firm. "The purchase of this building is yet another historic milestone for ASPIRA and a symbol of our long-term commitment to our community."

ASPIRA operates three charter schools as well as youth leadership development and educational programs focused on Latino and disadvantaged minority students. "In the past 30 years ASPIRA has served approximately 60,000 students in the South Florida area, with a long-term positive impact on their families and communities," Hernandez said. For more information on ASPIRA of Florida and Eugenio Maria De Hostos Charter School, please visit http://www.aspirafl.org/.

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