Level Field Facilities Fund Welcomes Shelly Cleary as President to Scale Impact
Cleary Will Build on LFFF’s Successful $14.5M Pilot Fund and Address a Growing Demand for Early-Stage Charter School Facilities Financing
March 18, 2025 – Level Field Facilities Fund (LFFF), an innovative 501(c)(3) real estate fund providing critical project financing to high-quality scaling charter school operators, today announced the appointment of Shelly Cleary as its new President. Cleary will build upon the strong foundation established by co-founders David Endom and Alex Shawe, who successfully launched and managed the organization’s $14.5 million pilot fund.
“We are thrilled to welcome Shelly Cleary to lead LFFF into its next chapter of growth and impact,” said Reena Abraham, Chair of LFFF’s Board of Directors. “Shelly is a seasoned community development practitioner who has built her career on expanding access to capital in historically underserved communities. Her deep experience in charter school lending and facility finance will be instrumental as we work to scale LFFF’s impact and meet the growing need for project-enabling capital.”
In just over two years since its launch, LFFF has demonstrated remarkable success in fulfilling its mission to provide early-stage, project-enabling loans to high-quality, scaling charter operators who often face limited financing options. The pilot fund has committed $14.5 million to charter operators, leveraged $71 million in total debt, supported 4,000 students, helped schools add 1,300 new seats, and funded operators across seven states. The majority of LFFF loans have been made to organizations led by people of color, with an average of 84% of students qualifying for the federal Free and Reduced Price Lunch Program.
“I am honored to join an organization that has already made such a significant impact in the charter school financing landscape,” said Cleary. “In its pilot fund, LFFF’s lending activities demonstrated a combination of profound care for the school communities that they worked with and deep sector and transaction structuring expertise. I’m excited to expand our reach and bring this much-needed capital to more schools at a time when access to early-stage funding is more critical than ever.”
Cleary brings more than 25 years of national lending experience to her role as President of LFFF. Before joining LFFF, Cleary served as a Principal at the Equitable Facilities Fund (EFF), where she was a member of the School Success team, supporting clients across multiple regions as a relationship manager. Previously, she spent two decades at the Community Development Trust (CDT), a national Community Development Finance Institution, where as Senior Vice President she led CDT’s Underwriting and Debt team, oversaw the design and implementation of CDT’s charter school lending program, and closed on financing of over $300 million. Cleary also currently serves on the board of Achievement First, and the loan committee at Leviticus Loan Fund.
The appointment comes at a pivotal time as demand for LFFF capital has far outpaced supply, creating urgency for the capitalization and launch of additional funds. This need is heightened as operators confront escalating real estate and construction costs, higher costs of capital, and competitive real estate markets that require accelerated funding to keep pace with commercial counterparties. LFFF’s efforts have been bolstered by a $20M Credit Enhancement Grant awarded by the U.S. Department of Education last year, which continues to strengthen the fund’s capacity to provide affordable facilities financing to high-quality charter schools nationwide.
“We’re excited to have Shelly at the helm of LFFF at this critical moment,” said LFFF Board Member Chris Barbic. “Her leadership will not only expand access to vital financing but also strengthen the financial pathways that help charter schools establish sustainable, high-quality facilities, ensuring more students have access to the excellent education they deserve.”
LFFF’s highly flexible financing includes pre-development financing, acquisition loans, construction financing, and leasehold financing that enables growing charter school operators to access traditional and charter-specific financing opportunities while positioning them for long-term structural stability. LFFF is supported by several sector-leading partners, including Walton Family Foundation, Reinvestment Fund, LISC, City Fund, and Nonprofit Finance Fund. LFFF is actively working to launch additional funds and welcomes new partners to join in supporting high-quality charter schools.
For more information about Level Field Facilities Fund, visit levelfieldfacilitiesfund.org.
About Level Field Facilities Fund
Level Field Facilities Fund (LFFF) is a 501(c)(3) real estate fund working to fill a void in the debt market by providing project-enabling loans to high-quality, scaling charter operators. LFFF’s highly flexible financing is designed to be “first money in,” allowing high-quality growing schools to access traditional and charter-specific financing opportunities, and positioning them for long-term structural stability.
