Pinecrest Academy of Nevada

Pinecrest Academy of Nevada (“Pinecrest” or “School”) began operating in 2012 and has grown into a seasoned public charter school network, serving more than 8,000 students in grades K-12 across multiple campuses in Nevada. Pinecrest’s mission is to unite the community to prepare students for college and a career. The school’s vision is a school where scholars perform at the highest level on all academic measures.

Since opening its first campus in Henderson, Nevada, Pinecrest has demonstrated consistent enrollment growth and thoughtful campus expansion. The School currently operates six brick-and-mortar campuses and one virtual program across Southern Nevada. Several campuses maintain substantial waitlists, reflecting strong community demand and Pinecrest’s established reputation for academic quality and operational stability.

In December 2025, Pinecrest Academy of Nevada completed a $29,640,000 education revenue bond financing (“Series 2025”) with Baird’s National Charter School Finance team serving as senior manager. Proceeds of the Series 2025 Bonds were used to finance the acquisition and improvement of a new permanent facility for the Pinecrest Springs Campus, fund a debt service reserve, fund capitalized interest, and cover issuance costs. The financing was structured in two series of term bonds, including a tax-exempt and federally taxable series, and aligned with Pinecrest’s existing debt structure, which is supported by revenues from Pinecrest’s pledged facilities. The Series 2025 Bonds received a BB+ rating (stable outlook).

On February 21, 2025, Pinecrest executed a Purchase and Sale Agreement for the acquisition of a 6.09-acre property located at 2850 Lindell Road. The acquired facilities consist of a one-story academic building containing approximately 47,489 square feet, with 36 classrooms and a 9,000 square foot multi-purpose room. Bond proceeds financed targeted improvements to the facility, including construction of a new fenced kindergarten playground, replacement of existing windows, installation of a rooftop mechanical screen, relocation of the trash enclosure, and construction of a new fire access route. Upon completion of the improvements, the Pinecrest Springs Campus will serve students in grades K–8 and support enrollment of up to 900 students, allowing the School to relocate from its previously leased facility and establish a long-term campus presence in the Las Vegas community.

The Series 2025 financing was structured with a short, 8-year final maturity, taking advantage of the lower rates on the short end of the yield curve and resulting in a lower annual debt service cost for the School while the Pinecrest Springs campus grows its enrollment base and operations. This short-term structuring approach also provided the benefit of a lower cost to fund capitalized interest, reserve funds, and issuance costs and enabled Pinecrest Academy of Nevada to strengthen its facilities platform by securing a permanent campus for the Springs program while expanding capacity to meet growing enrollment demand. The transaction advanced Pinecrest’s long-term facilities strategy and reinforced Baird’s role as a trusted partner to established charter school operators navigating multi-campus growth.