Build with Purpose | Hope Academy Charter School
15141
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Hope Academy Charter School

Address

Hope Academy Charter School- Phases 1 & 2 601 Grand Ave., Asbury Park, NJ

Project Snapshot/Data

Phase 1

  • Service provided by Build with Purpose: Facility Acquisition
  • Completion Date: August 2011
  • Size: 32,000 square feet
  • Students Served: 200, Grades K-8
  • Total Acquisition Cost: $2.3M
  • Financing/Lender: New Jersey Community Capital

Phase II

  • Service provided by Build with Purpose: Refinance and Building Improvements
  • Completion Date: September 2013
  • Size: 32,000 square feet
  • Students Served: 207, Grades K-8
  • Total Construction Cost: $700K
  • Financing/Lender: New Jersey Community Capital/ The Reinvestment Fund

Category
Schools and Community Facilities
About This Project

Background
On August 3, 2011 Build with Purpose became the owner of 601 Grand Avenue in Asbury Park, NJ. Build with Purpose purchased the facility, which houses Hope Academy Charter School, for $2.3M in a short sale from the school’s landlord with creative and flexible financing from New Jersey Community Capital. The purchase, which took two years to negotiate, structure and finance, gives the school a permanent home and financial security, something they have long sought.

On September 27, 2012, Build with Purpose refinanced the acquisition loan for 601 Grand Avenue and commenced $700,000 in building improvements on behalf of Hope Academy Charter School. Upgrades to the school included modernization of the elevator, electrical upgrades, improvements and modifications to the HVAC system, security system, improved fire alarm, new flooring, fencing and paving.  The renovations were completed in September 2013.

Hope Academy Charter School was one of the first charter schools in New Jersey opening in 2001. Educating over 200 students in grades K-8, the purchase of the facility allows Hope Academy to expand the number of students served while reducing facility costs. In addition to the facility purchase, Build with Purpose has worked with Hope Academy through its Garden State Schools Initiative in 2010. Four raised garden beds were installed on the property and incorporated into their curriculum. Build with Purpose also facilitated the school’s connection to the Community Food Bank of New Jersey’s BackPack Program which supplies low-income students with backpacks full of food for the weekend and periods when school is closed.

Read more about the client
HACS school website
HACS school report card

Press Releases
BUILD WITH PURPOSE RESTORES HOPE (ACADEMY)
Build with Purpose Purchases Hope Academy Charter School for $2.3M