Quantification of T2 values is valuable for a wide range of research applications and clinical pathologies. Multi-echo spin echo (MESE) protocols offer significantly shorter scan-times, at the cost of strong contamination from stimulated and indirect echoes. The echo-modulation-curve (EMC) algorithm, can efficiently overcome these limitations to produce accurate T2 values. In this work we propose a new reconstruction algorithm based on Sparsity and Fixed Rank constraints, denoted as SPARK. We compare our method against GRAPPA and show its superiority in the quantitative evaluation of T2 values from highly undersampled data.