The site of an unoccupied auto repair shop along the Bronx\u2019s East Tremont Avenue is set to be transformed into a 700-student charter school.<\/p>\n
Apex Development Group<\/a> and Knickpoint Ventures<\/a> have secured a $60 million debt package for the acquisition and construction of a charter school at 1780 East Tremont Avenue, Commercial Observer has learned. The future school, Nuasin Next Generation Charter School, will number among the first new developments along the 46-block swath of the city\u2019s Metro-North rezoning<\/a>.<\/p>\n SEE ALSO: Madison Realty Capital Lends $480M on 1740 Broadway Office-to-Resi Conversion<\/a><\/p>\n Construction financing for the 60,000-square-foot facility included $30 million in loans from nonprofit groups Low Income Investment Fund<\/a> (LIIF), Enterprise Community Loan Fund and Reinvestment Fund<\/a>. Another $30 million in new market tax credit allocations came from J.P. Morgan Chase<\/a>, Industrial Bank<\/a> and New York City Regional Center<\/a>.\u00a0<\/p>\n \u201cThis investment is about more than a new building; it\u2019s about creating opportunity for local families, bringing quality jobs to the community, and giving hundreds of students a welcoming place to learn, grow and thrive,\u201d Olivia Pipitone, executive director of new markets tax credits at J.P. Morgan, said in a statement.<\/p>\n The sponsors also provided roughly $7 million in equity. James Murad at Ripco Real Estate<\/a> arranged the debt.<\/p>\n \u201cThe acquisition and planned development of 1780 East Tremont Avenue reflects the growing demand for high-quality educational facilities in underserved communities and the continued appeal of mission-driven real estate investments,\u201d Murad said in a statement to CO.<\/p>\n \u201cWith a long-term lease in place to an established charter school operator and the site positioned within a transformative growth corridor in the Bronx, this project brings together strong fundamentals, community impact, and a clear vision for the future,\u201d Murad added.<\/p>\n The sponsors, which previously teamed up on a Queens charter school project<\/a>, also provided roughly $7 million in equity. Apex founder Andrew Esposito and Knickpoint founder and Managing Partner Matthew Sprayregen are principals on the project. Apex will also serve as the developer and general contractor. They plan to break ground this week.\u00a0<\/p>\n \u201cIt was a pleasure to partner again with Apex to co-develop a state-of-the-art school for Nuasin Next Generation in School District 12, the most underserved district in the Bronx,\u201d Sprayregen said in a statement.<\/p>\n The K-8 charter school signed a 45-year lease with the sponsors last summer, according to Esposito.<\/p>\n