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New Market Tax Credits Support Growth at Waterside School

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Waterside School of Stamford, Connecticut serves students from lower income families that share in the school’s sense of academic purpose and commitment to “work hard, be kind and respect learning.”  Graduates of the pre-kindergarten through 5th grade independent school enter some of the area’s most selective secondary schools, well on their way to becoming the leaders of tomorrow.  In September 2011, Waterside School celebrated its tenth year of operation with the opening of a state-of-the art facility in the Harbor Point area in Stamford.  Pullman & Comley structured and closed a $20 million New Market Tax Credit financing for the school to support the construction of the new 37,000 square foot building, which includes classrooms with SMART technology; classrooms specifically designed for science, art, computer skills and music; a library/media center; a dining hall; a gymnasium; and a multi-purpose green roof with a playing field and outdoor learning spaces.  The transaction allowed the school to close the funding gap necessary to complete the construction.  Members of our public finance, real estate, tax and environmental practices worked together on the complex transaction, which included the donation of land for the new building and the formation of a 501(c)(2) entity to hold title to the land and building, enabling the Waterside School to continue its mission of providing its students with superior academic opportunities, a rigorous program of study and an exceptional educational experience. 

"Pullman & Comley were heroic in their efforts on the School's behalf.  Beyond tending successfully to the myriad details of a most complicated transaction, their belief in the School, in its mission and in the very worth of these children was singular.  First class - the people and the work - in every regard." 

-- Duncan Edwards, Executive Director, Waterside School