SunTrust Bank’s education practice group has announced a loan of $141 million to Georgetown Day School for building its new 155,000-square-foot campus, according to a press release from the private school in Washington, D.C.
The construction loan will be spent on building and uniting the two school campuses. It is the biggest building project in the 70-year history of the school, the press release added.
“At Georgetown Day School, we believe that each young person is unique and has special gifts, which we strive to nurture. This expansion will enable us to bring the entire Georgetown Day School community together, while also increasing enrolment to help additional students identify and grow their individual talents,” said Jeff Houser, the CFO of the co-ed private school.
The lower and middle schools are located at 4530 MacArthur Boulevard NW while the high school is situated four miles away, at 4200 Davenport Street NW. The school acquired the site of a Safeway grocery store close to the high school campus in 2014. The new lower and middle school is likely to open by September 2020.
Included in the project is a separate wing that will be constructed for pre-kindergarten and kindergarten students, collaborative space for students, indoor and outdoor learning spaces, soccer field, and a 4,800-square-foot performing arts space.
Jill Fields, the senior vice president at SunTrust, told Commercial Observer that the investment was “a natural fit” for SunTrust given its long-standing relationship with the school.
“The bank also considered the school’s strong market profile and the bank’s unique ability to design a custom solution,” said Fields.