$1.9 Million NJCC Loan Makes Needed Athletic Field Possible for Success Academy Charter Schools in Brooklyn, New York

New Jersey Community Capital's loan furthers its mission-driven goals and expands community impact into New York.

NEW BRUNSWICK, N.J., March 26, 2025 /PRNewswire/ -- Today, New Jersey Community Capital announced it closed on a $1.9 million loan to New York City-based Apex Development Group, LLC. The loan is financing a much-needed athletic field at 54 Woods Place in Brooklyn for Success Academy Charter Schools-NYC. The loan will allow Apex to purchase and lease the field to Success Academy so it can expand its quickly growing soccer programs at two of its K-4 schools located at 15 Snyder Ave. in Flatbush and 72 Veronica Pl. in Crown Heights. Both facilities serve diverse student populations and are close enough to be able to share the field.

"As a community development financial institution, we're always looking for projects that support our mission to maximize economic development and educational opportunities in overlooked areas and create sustainable returns for investors. This is especially relevant today given our nation's need for high-quality school and recreation systems in urban areas," NJCC President and CEO Bernel Hall said.

Shared Mission-Driven Goals: Higher Quality School Facilities and Affordable Housing 

"Success Academy is an ideal partner for NJCC given our shared missions," Hall continued. "It is the largest charter school network in New York City, serving a diverse, socio-economically broad student body that earns top scores in statewide school proficiency exams. This loan also furthers our goal to expand to areas where our work can make a difference. It also has a great need for quality K-12 school facilities in overlooked areas."

Apex will improve the Flatbush field's astroturf and running track, making it more flexible for long-term use. Success Academy will lease the 12,000 sq. ft. Flatbush field from Apex for 20 years with two 5-year renewal options so the facility will provide students who attend the two charter schools a safe, modern and expansive sporting arena to supplement their existing athletics program.

"Apex is an equally impressive partner," Hall continued. "Its principals focus on developing, building and often managing nonprofit and community facilities and affordable housing. They've done a remarkable job in New York City. To date, Apex has completed 12 charter schools in Queens and Brooklyn and are working on several more, which gives them significant expertise in this sector. They've also done several significant affordable housing projects in New York City. They are totally committed to working on community facilities, affordable housing and schools in areas with great need for these facilities."

Success Academy's New Field Supports High Educational Attainment

Experts maintain rejuvenating athletics programs should be a high priority as many well-meaning educators have forgotten how valuable sports can be for youth. "They're good for fine motor skills, self-discipline and gumption. Coaches can serve as crucial role models and mentors. Teams can be invaluable sources of friendship," Rick Hess, director of Education Policy Studies at the American Enterprise Institute, noted recently.

In fact, substantial research shows physical education is a vital component of a well-rounded education. It offers obvious health benefits, fosters valuable life skills, promotes teamwork, enhances mental well-being, contributes to a more vibrant and inclusive school community and promotes academic achievement. Success Academy believes the field is sorely needed for these reasons and more.

"Their students are clamoring to participate in the soccer program. Participation has already doubled from 60 to 120 students in the past year and once the school has access to the field, administration anticipates that number will grow to approximately 200 students," Hall added.

"Not only will the field enhance Success Academy's growing soccer program, but it is expected to further increase student recruitment and retention. We are looking forward to a ribbon cutting this spring and hope to be joined by our partners at Apex and the Department of Education for this joyful event," he said.

About New Jersey Community Capital:

NJCC is a nonprofit community development financial institution dedicated to creating thriving communities through strategic investments and knowledge. Founded in 1987, NJCC has grown to serve as a critical architect of community development initiatives, driving economic stability and wealth generation in overlooked areas.

Media Contact:

John Hiltner
Purpose Brand
jhiltner@purposebrand.com

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SOURCE New Jersey Community Capital