FiDi Private School Resumes Paying Rent; Landlord Hemorrhages Value
A for-profit Lower Manhattan private school that had fallen millions of dollars behind on rent for more than a year is now caught up, according to the Kroll Bond Rating Agency (KBRA). In a development first made public by KBRA, Léman Manhattan Preparatory School (at 25 Broadway) has repaid more than $8 million in back rent to its landlords, resolving questions about its future. This appears to have been made possible by a cash infusion from Collegio Partners, an investment firm specializing in educational institutions, which is headed by Rick Inatome, who also serves as the chair of Léman’s board of directors.
A statement from Léman describes a “transformative $40 million investment, led by Collegio Partners and its investor groups that eliminates all existing debt and positions the school for unprecedented growth and academic outcomes. The strategic capital injection creates a debt-free balance sheet for the school, which… will fuel innovative educational initiatives, high quality instruction, technological advancements, and operational enhancements.”
While this statement acknowledges that Mr. Inatome is the managing director of Collegio Partners, it does not disclose that he is also the chair of Léman’s board, nor does his name appear anywhere on the school’s website. Earlier in his career, Mr. Inatome ran InfiLaw, a for-profit chain of private law schools (the Arizona Summit Law School, the Florida Coastal School of Law, and the Charlotte School of Law), all of which eventually closed.
“This investment marks a pivotal moment that will fuel Léman’s growth and distinct educational program for students from age 12 months to 12th grade,” said Maria Castelluccio, Léman’s head of school. “We’re not just strengthening the school’s financial foundation, we’re positioning Léman to lead educational innovation like AI in a rapidly evolving global landscape where technology and expert instruction will converge to create personalized learning experiences.”
Léman is the largest tenant at 25 Broadway, which is owned by the Wolfson Group, a real estate development firm that has a mortgage of $243 million on the building. (The school pays 21 percent of the total rent collected at 25 Broadway, according to KBRA.) Wolfson defaulted on its mortgage last year, when the loan originally matured. Negotiations with creditors subsequently extended the term of the mortgage through at least July 2026. KBRA’s analysis notes, “an amendment to the [school’s] lease was executed, which included an equity infusion from the tenant and back rent due. The loan was current in payment as of May 2025.” KBRA estimates that the building’s value has declined from $369 million when the loan was issued, to $284 million last July, to a “liquidation value” of $170 million today.