A $1.9 million loan from New Jersey Community Capital (NJCC) has been issued for the construction of a new athletic field at Success Academy Charter School at 54 Woods Place in Flatbush, Brooklyn. The loan, which is being led by Apex Development Group, LLC will be used to finance the acquisition and improvement of a 12,000-square-foot field that Apex will lease to Success Academy. Apex Development Group has previously delivered 12 charter schools and multiple affordable housing projects across Queens and Brooklyn.
The athletic facility will feature upgraded astroturf and a running track. The field will be leased under a 20-year agreement, with two additional five-year renewal options. The new amenities aim to support over 200 students projected to participate in the expanding soccer program, up from 60 just a year ago.
54 Woods Place, via Google Maps
54 Woods Place is located in close proximity to Prospect Park, and is a short walk from subway stations served by the B, Q, 2, and 5 trains.
“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,” said NJCC President and CEO Bernel Hall. “This is especially relevant today given our nation’s need for high-quality school and recreation systems in urban areas.”
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for 1.9 million they are going to take a turf field with a running track ; and make a new turf field with a running track?
Seems legit