Build NYC Resource Selling $121 Million of Revenue Bonds for South Bronx Charter School

By Stephen Nakrosis

Build NYC Resource Corp. is offering $121 million of revenue bonds with proceeds expected to finance the acquisition and construction of a charter school campus in the South Bronx.

The sale consists of $119 million tax-exempt Series 2025 A bonds, and $2 million of taxable Series 2025 B securities, according to documents posted on MuniOS on Monday. The Series A bonds will be issued in five separate tranches, which will mature starting on Oct. 15, 2040, and will reach final maturity in 2065. The taxable Series B bonds will mature on Oct. 15, 2037.

Proceeds will be loaned to EREA425 to finance acquiring, building and equipping of two condominium properties totaling 140,000 square feet in a building on Westchester Avenue in the Bronx. The bonds are limited revenue obligations of Build NYC Resource, and are secured by loan payments from the borrower, money held in certain funds, and pledged collateral, among other assets.

The site will be leased to Zeta Charter Schools, a Delaware non-profit corporation. Zeta operates a network of public charter schools across New York City, according to documents on MuniOS.

S&P Global Ratings has given the bonds a rating of BB+.

Build NYC Resource helps non-profit and other groups secure low-cost debt via tax-exempt bond financing. It works with education providers, cultural institutions, healthcare and hospital facilities, and other non-profit organizations.

Raymond James is lead manager on the sale.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

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September 30, 2025 19:25 ET (23:25 GMT)