The Real Deal Miami

Broward schools mortgaged as part of $550M loan

Mega-loan is partially secured by Florida properties valued at $69M

November 17, 2015 12:00PM
By Sean Stewart-Muniz

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The KinderCare at 7460 Kimberly Boulevard in North Lauderdale

The KinderCare at 7460 Kimberly Boulevard in North Lauderdale

Nine private schools in Broward County were just mortgaged as part of a massive $550 million loan covering early learning centers throughout the United States.

The Broward portion of the loan, issued by Security Benefit Life Insurance Company, is for $14.8 million, according to county records. It’s secured by six KinderCare Learning Centers and three Cambridge Schools locations, spread over eight cities in the county.

Delaware company KCP RE LLC was listed as the borrower. The firm is represented locally by Greenstreet Real Estate Partners, a Coconut Grove real estate investment and management company. Jeffrey A. Safchik, Greenstreet’s COO and CFO, signed the mortgage documents on behalf of the borrower.

KinderCare and Cambridge are brands of the privately-held education giant Knowledge Universe. According to a 2004 CNN Money article, Knowledge acquired KinderCare from its founders in a deal valued at more than $1 billion. That included some major debt assumption — roughly $490 million — along with a $550 million cash payment.

The new $550 million loan covers about $1.07 billion worth of properties throughout the United States, of which $69.45 million of the properties are located in Florida, according to mortgage documents. Tax stamps on a deal this big cost the borrower $243,075 in Florida alone.

Here are the property addresses:

  • 7460 Kimberly Boulevard, North Lauderdale
  • 3225 Holiday Springs Boulevard, Margate
  • 4601 Northwest 30th Street, Coconut Creek
  • 9600 Pines Boulevard, Pembroke Pines
  • 10790 West Sunrise Boulevard, Plantation
  • 8520 Northwest 44th Street, Sunrise
  • 177770 Southwest Second Street, Pembroke Pines
  • 2550 Glades Circle, Weston
  • 6100 Coral Ridge Drive, Coral Springs