Transaction Details

Cherokee Classical Academy

Municipal

Lead Bookrunner

$24 Million Financing Advances CCA’s Mission of Classical Education and Character Development

Cherokee Classical Academy (the “School” or “CCA”) opened its doors in August 2025 with full enrollment of 520 students in grades K-6 and a waitlist of 453 students (87% of current enrollment). The school plans to grow conservatively to serve grades K–12 by fiscal year 2032. Located in the Cherokee County School District, CCA is a Hillsdale College Member School.

Liberty Classical Schools Foundation (the “Foundation”) was formed in 2021 to support a network of affiliated nonprofit charter schools in Georgia. The Foundation’s mission is to establish and operate K–12 charter schools that provide a classical, content-rich curriculum emphasizing virtue, civic responsibility, and character development. CCA is the 3rd school to open under the Foundation.

To support school growth, the Foundation established a structure that separates facility ownership from school operations. One entity owns and finances the school building, while another leases and operates the school. This allows CCA to focus on academics while the Foundation manages facilities and financing.

CCA’s mission is to develop students in mind and character through a classical, content-rich curriculum that emphasizes the principles of virtuous living, traditional learning, and civic responsibility. The school implements a traditional liberal arts education model that builds literacy skills through phonics, grammar, and Latin instruction, while cultivating cultural knowledge across all grade levels. Civic responsibility and virtue are woven throughout the program, with the goal of instilling qualities such as courage, honesty, perseverance, courtesy, self-government, and service. In doing so, CCA prepares students to achieve academic excellence and become thoughtful citizens and principled leaders.

In September 2025, CCA successfully completed a $24,110,000 bond financing with Baird’s National Charter School Finance team serving as sole manager. The proceeds financed the acquisition and improvement of the school’s facility at 2126 Sixes Road, capitalized interest, a debt service reserve, and issuance costs. The non-rated bonds attracted participation from 15 unique investors, reflecting strong market interest in CCA’s mission and growth. This transaction is the first “start up school” to be taken to the public market as opposed to being placed with a single investor.