PORTSMOUTH — Salve Regina University has purchased Pennfield School’s 19 acres of buildings and grounds for $3.4 million, the university announced Friday, July 2.

The long-term sale and leaseback agreement between Salve and Pennfield will eliminate Pennfield’s debt and allow the pre-K-8 school to invest its resources moving forward on academic programming, teacher support and building its endowment, officials say.

The sale, which closed on June 29, provides Salve Regina with a complementary asset and stable cash flows, as well as potential new opportunities in the areas of student internships and joint programs.

“I am thrilled that Salve and Pennfield have arrived at a beautifully balanced solution to our mutual needs,” said Rob Kelley, Pennfield’s head of school. “I am now able to focus the majority of my time to improving and building new academic programs, while staying true to our mission.” 

Pennfield’s operational investments will also support its after-school and enrichment programs, workshops, summer camps and various clubs offered to students, staff, parents and other community members.

“For five decades, the dedicated faculty and staff of The Pennfield School have been providing families with a high-quality educational experience,” said Dr. Kelli J. Armstrong, Salve’s president. “The mission statements of both our institutions are well-aligned and I look forward to our future together on Aquidneck Island as we work to create the best possible learning environments for our respective students.”

Salve’s investment in Pennfield echoes the spirit of other community partnerships established over the years on Aquidneck Island, including $3 million invested with the City of Newport in 2018 to develop the Toppa Field complex at Freebody Park, a 40-year lease agreement in 2009 with the town of Middletown to install a new turf field and replace the track at the Gaudet Middle School field complex, and a partnership with the International Tennis Hall of Fame to raise $5.2 million for the restoration of the historic Casino Theatre in 2010.

The Pennfield School was founded in 1971 and will begin celebrating its 50th anniversary as an independent private elementary school over the course of the 2021-2022 school year. 

The mission of the school is to create an inclusive community of dedicated learners, where students are given a foundation and appreciation for the ursuit of understanding, while fostering respect for oneself and others as a way of life. The 19-acre campus on Sandy Point Avenue abuts the Aquidneck Island Land Trust’s Sakonnet Greenway Trail and Glen Farm.

Founded by the Sisters of Mercy in 1947, Salve Regina is a private, coeducational university offering a comprehensive and innovative liberal arts education that fosters the development of each student's distinct and individual talents. Salve will begin celebrating its 75th anniversary in the academic 2022-23 year. The 80-acre campus is located on the Cliff Walk in Newport.