Fauntleroy Community Service Agency
Friends of Fauntleroy Schoolhouse, LLC
The recommended minimum investment amount is $5,000.00
Clicking "Get Started" and communicating your level of interest is not a binding commitment.
Minimum Loan Goal
Total Loan Requested
Interest Rate
Effective Rate
Investment Term
7 years
Funding Progress
Amount Committed to Date
Amount Committed to Date
Total Investors
Total Investors
Investors Accepting Reduced Returns
Investors Accepting Reduced Returns
*This listing is for informational purposes and is not an offer to sell or a solicitation of an offer to buy any securities. Any offering or solicitation is restricted to qualified prospective investors who support the efforts of Fauntleroy Community Service Agency, who have reviewed a confidential offering memorandum and who have executed the subsequent subscription documentation. *Persons accessing this site are deemed to represent that they will not use the information herein to offer to purchase securities in a manner that would violate restrictions set out in the information or any securities laws of any jurisdiction.

Reason for Loan

Roof ConstructionThe community’s strong support for retaining this building to benefit the greater Fauntleroy area led the Washington State Legislature to appropriate $1.9 million from the Community School Program to help the Fauntleroy Community Service Agency (FCSA) purchase the facility. Further, the Seattle Mayor and City Council stepped forward with $1 million to complete the purchase. In exchange for allowing the community to keep the Schoolhouse and avoid commercial development, the community agreed to complete significant upgrades and repairs.

The terms for accepting public dollars for the building’s purchase were clear: FCSA must replace the roof, make the necessary related seismic upgrades and improve the building’s safety.

Although the bulk of the construction is done and more than half the expenses have been paid, we need an additional $500,000 to finish Phase II, which includes replacing the roof over the north wing, painting, gutter and downspout replacement, tuck pointing, and related seismic retrofitting. All of these repairs are in alignment with the terms placed on FCSA by accepting public funding for the purchase of the facility and must take place.

Positive Community Impact

Kids WalkingThe Fauntleroy Community Service Agency (FCSA) is the proud steward of the Fauntleroy Schoolhouse, and is committed to restoring and maintaining this neighborhood landmark. The historic building is nearly 100 years old, and has accumulated a significant backlog of maintenance during its decades as a surplus school district property. The funds from this loan will allow the FCSA to finish the final phase of the roof replacement project and complete other repairs that are needed to stabilize the building envelope and prevent catastrophic damage.

Completing these critical repairs will help FCSA fulfill its commitment to the City of Seattle to restore the Schoolhouse. With this milestone completed, the FCSA can continue to provide neighborhood families safe, affordable, high-quality early-childhood education, as well as return its focus to collaborating with community partners to expand program offerings to reach even more community members.

The FCSA already enjoys a welcoming and cooperative relationship with neighboring organizations including the Fauntleroy Church, UCC; Fauntleroy YMCA; Fauntleroy Community Association; and various local businesses. FCSA sponsors community events including holiday craft bazaars, art fairs, and helps to produce the popular Fauntleroy Fall Festival, which draws 1,000 local residents annually. Through its tenants and in partnership with community organizations, the Fauntleroy Schoolhouse offers affordable event venues and meeting spaces, as well as an ever-expanding array of enriching and inclusive activities for community members of all ages. Activities offered at the Schoolhouse have grown and expanded each year, and the FCSA seeks to continue to develop the Schoolhouse into a full-fledged independent community center.

As the Fauntleroy Schoolhouse approaches its centennial year in 2017, it has grown from a shuttered, aging building to a warm and thriving hub where community members gather, make friends, and enrich their lives. This loan will help the FCSA maintain this building and honor its history while preserving it to be enjoyed by community members for the next 100 years and beyond.

Organization’s History

Ribbon CuttingFauntleroy community members formed the Fauntleroy Community Service Agency (FCSA) non-profit in1977 to provide needed services to the neighborhood. Seeing the need to provide a quality child-care option for neighborhood working families, the FCSA opened a small center in September 1978 in the basement of the Fauntleroy Church. In 1981, the FCSA moved to its present home in the Fauntleroy Schoolhouse after the city ceased operating the elementary school housed there. The FCSA leased the entire building and began operating the Fauntleroy Children’s Center in about one-third of the space, subletting the remainder to a catering company, dance studio and other small businesses.

In 2010, the FCSA became the owner and steward of the Fauntleroy Schoolhouse. Today, the FCSA Fauntleroy Children’s Center serves close to 120 local children, and through tenants and community partners, the Fauntleroy Schoolhouse offers meeting spaces, as well as an expanding array of programs including art instruction, exercise and community events.

Looking to the future, the FCSA envisions the Fauntleroy Schoolhouse blossoming into a thriving community center abuzz with activities seven days a week, attracting neighbors of all ages and fostering community connections and friendships.

For a breakdown of notable events over the last 37 years of service, please see the FCSA Timeline document.

Offering Details

Friends of Fauntleroy Schoolhouse, LLC (“FRIENDS”) is a newly formed entity established for the sole purpose of raising investment funds through the sale of Notes in which 100% of the proceeds will be used to finance a loan to Fauntleroy Community Service Agency ("Borrower" or “FCSA”) evidenced by a Loan Agreement, Promissory Note and Deed of Trust recorded in 1st position on the property located at 9131 California Avenue SW, Seattle, WA  98136 (the "Property").

The loan from FRIENDS (the “Loan”) totaling $500,000 will finance necessary improvements on the Property. To have full understanding of the opportunity which includes the credit strength of FCSA, each potential investor is encouraged to read all information provided within the listing including the supplemental documentation.  Some of these key supplemental documents to review are the past, current, and forward-looking financial details and the property valuation report.

NOTE: While the repayment strategy provided under the Borrower Details tab indicates that FCSA may make additional principal repayments on the Loan prior to maturity, there are no obligations within the Loan requiring this activity.

ADDITIONAL NOTE: For the proceeds being used for improvements, depending on the nature of these improvements, the value of the Property may not be increased as a result and there are no assurances that the cost of renovation does not exceeds expectations.

The Notes to be issued by FRIENDS to supporters of FCSA will have a maximum interest rate return of 3% and a term of 7-years. Each investor will have the ability to further reduce the rate for their specific Note which results in greater positive impact for FCSA.

IMPORTANT: All investors need to click on the link to the right titled "Prospectus" to read all about the details of the note investment opportunity which includes other related risks associated with the investment in Friends of Fauntleroy Schoolhouse, LLC.

Organization's Use of Proceeds



Total Loan Details

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Use of Proceeds / Collateral Details

Fauntleroy Community Service Agency has set a required funding level for FRIENDS of $500,000.  NOTE: FRIENDS would be able to release funds at a level below the minimum funding level as long as, dollar-for-dollar, donations are directed into escrow so that the minimum funding level of the Loan is still able to fully address the renovations outlined in the Repair Budget which is a supplemental document provided for your review.

The loan between FRIENDS and FCSA will have a Deed of Trust recorded in a 1st position on the Property. To substantiate value of the Property, an updated appraisal was completed in 2009 and is provided for potential investors to review. The valuation "As-Is" in 2009 was $5,405,000. The valuation also indicated that the value with roof replacement and deferred maintenance address would be in excess of $6,100,000. Based on an assumed value of $5,400,000, the loan-to-value would be below 10%. It is encouraged that you review the appraisal to learn more details about the Property.

NOTE, the appraisal is over 5 years old so there are no assurances that it is an accurate reflection of the Property’s value today. In the event the property must be sold to satisfy the Loan, there are no guarantees that such a sale of the Property would be able to repay the loan from FRIENDS in full. In the event that the proceeds from sale of the Property, net any sales related expenses, is not able to fully repay the loan to FRIENDS, those that purchase notes in FRIENDS would realize a partial loss of their investment.

Property Collateral

Property Address
9131 California Ave SW
Seattle, WA 98136

Property Status: Owned

Property Status: $5,405,000

Property Valuation


Repayment Plan

The monthly interest payment for the loan from Friends of Fauntleroy Schoolhouse, LLC will be paid out of current operating revenues. Most of FCSA revenue comes from long-term leases, and short-term rental revenue which continues to grow with increased community awareness of space availability. Therefore, FCSA expects to meet the monthly interest payment of $1,200 to $1,600 without dipping into reserves on hand. Addressing the loan needs through this approach with our supporters means FCSA will have significant savings compared with payments we would have made with a loan from a conventional bank. While enabling FCSA to financially reward those that invest, the comparable savings will also help towards paying down the loan.

Coinciding with the Fauntleroy Schoolhouse’s centennial anniversary in 2017, FCSA will be launching a traditional capital campaign with the goal of raising sufficient donations to pay off the entire loan at the end of the seven-year term in 2021. In the event that FCSA does not achieve the entire $500,000 in donations at the time the loan matures, we will use a combination of excess reserves and capital campaign donations to pay down the debt as much as possible. FCSA will then determine whether to refinance the remaining portion of the loan through another community investment initiative or look to a traditional loan source.

Risk Questionnaire

Has any of the key leadership of the organization (compensated or non-compensated) ever been indicted or been convicted of a felony? 

Has any of the key leadership of the organization (compensated or non-compensated) been involved in any pending or current litigations  or judgments that could adversely impact their ability to serve the organization? 

Has the nonprofit been in default in any obligations in the past 3 years? 

Are there any environmental issues on any of the real estate related to the financing? 

Are there any employment issues or claims outstanding or pending? 

Are there any material changes in the organization's leadership (Compensated or non-compensated leaders) that should be disclosed? 

Are there any material changes in operating expenses that should be disclosed or are not represented in the financial information provided? 

Are there any material changes in revenue sources that should be disclosed or are not represented in the financial information provided? 

Are there any outstanding or pending litigations against your organization? 

Frequently Asked Questions

QUESTION: What is the next step?

ANSWER: At the point that you are ready to participate, select "Get Started" and follow the simple steps. It takes about 2 minutes to enter the basic information, including your email address, amount you want to invest, and the rate of return you would like to receive. Choosing to take this first step is not a binding commitment.

QUESTION: What if I want to get my money out before the end of the investment term?

ANSWER: If you plan on needing access to the funds prior to the maturity of the investment, it is encouraged that you not invest since there are currently no well-defined secondary markets for the investment. In the case of hardship, best efforts will be made to see if someone else would like to take your position, although there are no guarantees.

QUESTION: Can I make an investment using retirement funds?

ANSWER: Yes, but you are not typically able to direct funds from your current employer 401(k) or 403(b). If the instructions online are not clear or if you have questions, please contact Semble.

QUESTION: Are there costs in using retirement account (i.e. IRA) to invest?

ANSWER: Yes, all custodians will charge a fee for holding this type of investment because they are not compensated through the normal fees they realize in holding traditional investments (stocks, bonds, mutual funds, etc.). The fee varies based on the custodian. The IRA custodian that is the preferred provider through Semble has a flat annual cost of $100/yr. This cost should be taken into consideration when making an investment. There are no costs to invest using non tax-deferred funds since there is no need for custodial involvement.

QUESTION: Can I share this opportunity with others I know that support the borrowing organization?

ANSWER: Yes! If you know friends and family that are socially minded investors who might like to realize community impact with their investment dollars, you can forward this link to them.

Ready to commit to invest in the loan needs of Fauntleroy Community Service Agency?

Click the blue Get Started button to enter your commitment. This is a non-binding commitment and Semble investor support is always available if you have any questions or need assistance.