New Jersey Community Capital's Loan Supports Athletic Growth at Success Academy in Brooklyn

$1.9 Million Loan Boosts Athletic Programs at Success Academy

In a significant move towards enhancing educational infrastructure, New Jersey Community Capital (NJCC) has announced the closing of a $1.9 million loan aimed at supporting athletic development for the Success Academy Charter Schools located in Brooklyn, New York. The funding will enable Apex Development Group, LLC, based in New York City, to purchase a vital athletic field, specifically situated at 54 Woods Place in Brooklyn, which will greatly benefit the local community and students.

This loan is chalked up as an important investment in the rapidly growing soccer programs at Success Academy's K-4 facilities, located at 15 Snyder Ave. in Flatbush and 72 Veronica Pl. in Crown Heights. With both schools serving diverse student populations, the shared field not only promises an enhanced athletic experience but also ensures that physical education remains a key part of the curriculum.

Bernel Hall, President and CEO of NJCC, expressed, "As a community development financial institution, we strive to support projects that uplift neglected communities and foster economic growth. The need for improved educational and recreational spaces in urban areas has never been more apparent. The partnership with Apex Development reinforces our mission to make a tangible difference."

Collaboration for Mutual Goals

The collaboration between NJCC and Success Academy stands out due to their aligned missions. Success Academy is recognized as the largest charter school network in New York City, catering to a socio-economically diverse student base, all while achieving impressive scores on state proficiency exams. Hall emphasized, "This partnership exemplifies our commitment to areas that substantially require quality educational facilities. Apex is well-versed in community development, successfully completing 12 charter schools in New York City along with multiple affordable housing projects."

The impending improvements to the Flatbush field will include enhanced astroturf and a modernized running track to offer a more versatile sporting experience. With a 20-year lease agreement and the potential for two five-year renewal options, this athletic field is set to serve approximately 200 students in the soccer program, propelling both participation and retention within the charter schools.

The Importance of Athletics in Education

The American Enterprise Institute's Education Policy Studies director, Rick Hess, underscored the role of sports in youth development stating, "Athletics contribute to fine motor skills, self-discipline, and foster mentorship opportunities. Successful athletic programs can significantly nurture social ties and friendships among students." The ongoing acknowledgment of physical education as a critical element of holistic education continues to gain traction, making NJCC's investment particularly timely.

Currently, enrollment within Success Academy’s soccer program has witnessed a remarkable doubling from 60 to 120 students within a year. Hall anticipates that with the newly acquired field, participation might surge to around 200 students, showcasing the high demand for such facilities within the region's schools.

"This field is more than just a space to play; it's an avenue for increased student interaction, recruitment, and overall satisfaction with the educational experience," added Hall. Anticipation builds as the school prepares for a ribbon-cutting ceremony this spring, alongside partners from Apex and the Department of Education, to formally inaugurate this critical investment in student athletics.

About New Jersey Community Capital

Founded in 1987, New Jersey Community Capital operates as a nonprofit community development financial institution committed to creating thriving communities. Leveraging strategic investments, NJCC drives economic stability and wealth generation in underserved regions. By fostering educational advancement and building recreational facilities, it continues to accelerate growth for a better future.

This loan to Success Academy marks a pivotal moment in the ongoing quest for quality education and community enhancement in New York, setting a new benchmark for collaborative efforts in urban development and educational success.