Students, school officials break ground on new classrooms

Greater Brunswick Charter School to mark beginning of project in Jan. 28 ceremony

FOR IMMEDIATE RELEASE

NEW BRUNSWICK (Jan. 25, 2010) – Students and their teachers will formally break ground later this week on a project to add more than a dozen classrooms to Greater Brunswick Charter School.

The project, which school administrators expect will be completed in time for the new school year in September, will outfit the charter school with a working science lab, an art room with a kiln and a gymnasium with a regulation-size basketball court. Work, which also will give the school a new roof, is budgeted to cost $3.7 million. Financing for the project was arranged by Real Estate Advisory and Development Services Inc., a nonprofit firm based in Metuchen.

“This is something we never could have done without READS,” said Jessica Tomkins, who as a longtime trustee of the school has been heavily involved in the school's expansion project. “From the financing to the architectural designs, READS has been one of our greatest resources.”

The groundbreaking, which will begin at 1:30 p.m., will include a musical performance by elementary students at the school, and will feature remarks from founding members of the school's board of trustees, and others.

It's been a long journey to this point. The charter school had its beginning in 1998, as one of the first charter schools crated under the aegis of the New Jersey Charter School Act. Charter schools are public schools run under a special charter with the state Department of Education rather than under the local board of education.

For the first six years, the charter school rented facility space from a steady succession of landlords. At one point, the school had to rent two separate spaces, one for its middle-schoolers and one for its elementary students.

“That was the year we realized we couldn't go on like that any longer,” said Tomkins, whose children both have attended the school. “We realized that we needed the security of owning our own building, and that we needed space where we could grow to a sustainable size.”

Working with READS, the school found a former bowling alley at 429 Joyce Kilmer Ave. that could be redeveloped as a school facility, and marked out a course for the school's growth. The school's trustees ultimately approved a plan that would involve increasing the enrollment to a total 360 students in order to find the economies of scale that would provide the school with the revenue it would need to support the staffing and program that the school's founders had envisioned.

The school moved into the rear half of the building six years ago, and rented the front half of the building to a pair of tenants who have since moved out. That space for the past year has been empty offices and a vacant warehouse.

To finance the expansion, Greater Brunswick Charter School took out a $6.55 million loan from Sun National Bank. The New Jersey Economic Development Authority, which sold Sun Bank the tax-exempt construction bonds for the project, also has lent the school an additional $1 million.

The remaining portion of the money not tied into the construction project represents the remaining principal on the school's initial mortgage. READS helped the school procure that loan as well, six years ago, from New Jersey Community Capital and The Reinvestment Fund of Minnesota.

Greater Brunswick Charter School is a free, independent public school developed by area parents and educators in 1998, with 293 students this year in kindergarten through eighth grade. Students come from New Brunswick, Highland Park, Edison, and other outlying districts in Middlesex, Somerset and Union counties.

For more information, call Mike DeBlasio, director of operations at Greater Brunswick Charter School, at (732) 448-1052.

On the web:
www.greaterbrunswick.org

READS to talk facilities needs with Phila. charter schools

Metuchen nonprofit pitches importance of property ownership for long-term sustainability

FOR IMMEDIATE RELEASE

METUCHEN (January 8, 2010) – After making its presence felt throughout the New Jersey charter school community, READS is taking its expertise to Philadelphia.

Recognized by the U.S. Department of Education for its work with charter schools, Real Estate Advisory and Development Services Inc., will lead an informal roundtable discussion for Greater Philadelphia charter schools on Wednesday. The meeting will be hosted by Blackney Hayes Architects. 150 S. Independence Mall W., Suite 1200, Philadelphia. Representatives of The Reinvestment Fund of Philadelphia also will attend.

“The education and services that charter schools provide are a great alternative to other existing models,” said Brian Keenan, director of READS. “Schools with their own facilities possess a vital link to the community they serve, and that’s why READS is excited to enter the charter school market in Philadelphia.”

READS provides guidance and development services to charter schools seeking to secure, purchase or develop a facility to meet their organizational needs. Founded in 2003, READS already has been responsible for 12 school facility projects in New Jersey, worth more than a total $100 million in development costs.

“For a charter school, owning their own facility is the key to long-term sustainability and success,” said Keenan. “Without that property title, a charter school is forever at the mercy of a landlord who may decide one year not to renew the lease. Once that title is in hand, though, they are free to begin building equity in their property and taking firm ownership over their future and their success.”

The roundtable discussion will acquaint representatives of interested charter schools with the work of READS and its Philadelphia-based partners, and how each of them can benefit a school interested in owning its own facility. Once contracted, READS represents and advocates for schools throughout the entire planning process, from the legal paperwork that must be completed, up through on-site construction management.

In New Jersey, more than 4,000 students have benefited from the services READS provides to charter schools, work that has garnered state and national recognition for innovation.

Founded in 1988, Blackney Hayes Architects has a portfolio of clients in education throughout New Jersey and Pennsylvania, including Charter High School for Architectural Design in Philadelphia.

The Reinvestment Fund of Philadelphia has financed many charter schools and other community-driven projects in urban areas across the Mid-Atlantic region. The Reinvestment Fund provides a necessary source of facilities financing to charter schools which are unable to borrow directly from banks.

“Philadelphia has a vibrant charter school community, said Keenan. “We believe in the work these schools are doing to equip the city's youth for the future, and we look forward to developing working partnerships with them in the weeks and months to come.”

An innovative nonprofit real estate development company, READS is committed to building strong organizations and communities through real estate development. Since its inception in 2003 READS has assisted nonprofits in New Jersey and Delaware in developing their facilities to meet their social service needs.

For more information, call Keenan at (732) 635-1000.

On the web:
www.readsusa.com
www.blackneyhayes.com
www.trfund.com

READS hires new staff at Metuchen office

FOR IMMEDIATE RELEASE

METUCHEN (Jan. 7, 2009) – READS Inc. has hired two new employees at its Metuchen office, to assist the organization in its mission of building communities.

C.J. Emslie of Metuchen has joined Real Estate Advisory and Development Services Inc. as its new director of construction. Also recently joining READS is Mary Demirjian of Edison, the firm's new office manager and benefits administrator.

Emslie previously worked for WDF Inc., a subsidiary of GreenStar Services Corp., from 2006 through 2009. He brings to READS his experience as a project manager and and site superintendent for a variety of construction projects, including civil and heavy construction, as well as school reconstruction.

“C.J. is a valuable addition to the READS team,” said director Brian Keenan. “Construction management is a foundational part of the service that we provide to our clients, particularly charter schools.”

Emslie has a bachelor's degree in communication and psychology from Monmouth University, and a graduate certificate in project management from Stevens Institute of Technology, where he is working toward a master’s degree in construction management.

Demirjian, who joined READS in November 2009, brings more than 20 years of experience in supervising and overseeing the general operations of an office. She comes to READS from the Metuchen YMCA, and previously had worked for Whittle Communications in New York.

Demirjian has a business and finance background from Mount St. Mary's College in Emmitsburg, Md., and a certification from Katharine Gibbs School in New York. She lives in Edison.

Based on Amboy Avenue in Metuchen, READS provides all phases of real estate development and technical assistance, including financial structuring and project management. READS has been recognized by the New Jersey Department of Education with the Corporate Partnership Award for its work with charter schools and by the U.S. Department of Education as a promising practice in real estate development.

For more information, call director Brian Keenan of READS at (732) 635-1000.

On the web:
www.reasdusa.com

READS helps school to secure $7.55M financing for expansion

Jan. 28 groundbreaking planned for Greater Brunswick Charter School project

FOR IMMEDIATE RELEASE

NEW BRUNSWICK (Jan. 5, 2010) – There's a growing sense of excitement at Greater Brunswick Charter School as staff and parents await the groundbreaking on a new construction project.

The school recently closed on a loan to give the school more than a dozen new classrooms, including a working science lab, an art room with a kiln and a gymnasium with a regulation-size basketball court. Work, which also will give the school a new roof, is budgeted to cost $3.7 million. Financing for the project was arranged by Real Estate Advisory and Development Services Inc., a nonprofit firm based in Metuchen.

“This is something we never could have done without READS,” said Jessica Tomkins, who as a longtime trustee of the school has been heavily involved in the school's expansion project. “From the financing to the architectural designs, READS has been one of our greatest resources.”

To finance the expansion, Greater Brunswick Charter School took out a $6.55 million loan from Sun National Bank. The New Jersey Economic Development Authority, which sold Sun Bank the tax-exempt construction bonds for the project, also has lent the school an additional $1 million.

The remaining portion of the money not tied into the construction project represents the remaining principal on the school's initial mortgage. READS helped the school procure that loan as well, six years ago, from New Jersey Community Capital and The Reinvestment Fund of Minnesota.

“This is an excellent illustration of how important it is to build equity,” said Jeff Crum, vice president of real estate development at READS. “Greater Brunswick Charter School would never have been able to afford this expansion project if the school hadn't been paying a mortgage for the past six years. Because the trustees wisely invested in the school's physical needs, the school is firmly positioned to own its future.”

A formal groundbreaking ceremony is scheduled for Jan. 28. Work already has begun.

The school now occupies only the rear half of the building, the front half now a vacant warehouse that in the past has housed a T-shirt manufacturer. When the renovations are complete, the school will fill the entire building.

READS provides all phases of real estate development and technical assistance, including financial structuring and project management. READS has been recognized by the New Jersey Department of Education with the Corporate Partnership Award for its work with charter schools and by the U.S. Department of Education as a promising practice in real estate development.

Greater Brunswick Charter School is a free, independent public school developed by area parents and educators in 1998, with 293 students this year in kindergarten through eighth grade. Students come from New Brunswick, Highland Park, Edison, and other outlying districts in Middlesex, Somerset and Union counties.

“In many ways this project is a homecoming for READS as well as for the school,” said Crum. “Greater Brunswick was the first charter school that READS ever worked with. The relationship that we began six years ago is one that we both value today.”

For more information, call Jeff Crum of READS at (732) 635-1000, or call Mike DeBlasio, director of operations at Greater Brunswick Charter School, at (732) 448-1052.

On the web:
www.reasdusa.com
www.greaterbrunswick.org

Julie French joins READS as Del. community organizer

New hire spearheads work of nonprofit to homeowners in manufactured-home communities

FOR IMMEDIATE RELEASE

SMYRNA, Del. (December 28, 2009) -- READS is well known for the work it does in New Jersey, but with its latest hire, the organization hopes to raise its profile in Delaware as well.

French has joined READS as a community organizer and organizational trainer to spearhead its growing work in Delaware. In her new position, French will provide support, technical assistance and training to homeowners in manufactured home communities, by working directly with board members, committees and residents.

French will work with homeowners in manufactured home communities to help them organize homeowner associations to buy their communities when they go up for sale. READS already has overseen one such arrangement in Delaware, with Minquadale Mobile Home Village in New Castle.

As the founder of the Delaware office of READS in Smyrna, French also will be help expand the technical development assistance that READS provides for community development work in Delaware.

Before coming to READS, French worked for NCALL Research Inc. in Dover, and with the Delaware State Housing Authority. She has a bachelor's degree in urban affairs from Delaware State University.

For more information, contact French at (302) 270-4209, or call READS Director Brian Keenan at at (732) 635-1000, Ext. 153

On the web:
www.readsusa.com

READS finds financing for veterans affordable housing

Redevelopment of former Highland Park church to begin in January

FOR IMMEDIATE RELEASE

METUCHEN (Dec. 16, 2009) – READS has secured a financing commitments and signed a construction contract with Vision General Construction Inc. to create new affordable housing for homeless veterans in Highland Park.

The project, in partnership with Highland Park Reformed Church Affordable Housing Corp., involves retrofitting the vacant All Saints Episcopal Church on South Third Street and Magnolia Avenue into an 11-unit affordable supportive housing apartment building for homeless veterans. The finished building will include 10 studio apartments, and one two-bedroom apartment for a family. Construction on the facility will begin in January, with groundbreaking scheduled for Jan. 31.

The former church building has been vacant since 1997.

“We're conscious of how neighbors who have lived across from this beautiful church must feel about any change to their neighborhood,” said Jeff Crum of READS. “Although we need to add dormers and change the slope of the roof to make it a proper living facility, we want to respect the historic value of the church, and will be leaving the stained glass windows on South Third Street and Magnolia Avenue.”

Renovations include installing a second floor inside the former church, to hold five studio apartments. The first floor will hold three more units, with the final three units -- including the two-bedroom apartment – located in the basement.

Known primarily for its work with New Jersey's charter schools, READS is a nonprofit real estate development company committed to building strong organizations and communities. In addition to the more than a dozen charter schools that it has helped with their facilities needs, READS also recently has helped residents of a manufactured-home community in Delaware to take ownership of their community when the property went on the market.

READS provides all phases of real estate development and technical assistance, including financial structuring and project management. READS has been recognized by the New Jersey Department of Education with the Corporate Partnership Award for its work with charter schools and by the U.S. Department of Education as a promising practice in real estate development.

For more information, call Jeff Crum at (732) 635-1000.

On the web:

www.readsusa.com

www.rchighlandpark.org

READS receives $500k grant for work with charter schools

LISC funding could provide class space for 2,000 students in Newark, Jersey City

FOR IMMEDIATE RELEASE

METUCHEN, N.J. (Dec. 16, 2009) — Real Estate Advisory and Development Services Inc. has received a new grant to support up to five new charter school projects in Newark and Jersey City.

The grant will cover the predevelopment costs of developing buildings for schools, including routine expenses such as environmental studies, constriction management and legal fees. The grant comes to READS from the Local Initiatives Support Corp., through $500,000 in funding made available by the Walton Family Foundation.

“The families who already have taken advantage of the excellent charter schools in Jersey City and Newark appreciate the tremendous value of school choice,” said Keith Timko, director of READS. “This grant from LISC recognizes the even greater value of the children who attend those schools. At the end of the day, it is those children who will benefit from this grant.”

The grant is not tied to construction projects for any specific school; however, it will provide enough predevelopment funding to support about $45 million of actual development work – enough to help provide instructional space for a projected 2,000 students in Newark.

Established in 1979 by the Ford Foundation, LISC maintains 29 offices nationwide, including an office for greater Newark and Jersey City. LISC works with community development corporations such as READS to revitalize their communities. Since 1986, LISC has invested a total $76.7 million in the greater Newark and Jersey City area, and has helped to create more than 1,000 affordable housing units.

LISC’s Educational Facilities Financing Center supports the development of quality charter and alternative schools in underserved communities, by providing technical assistance and financing for facilities. Improving access to quality education is a central component of LISC’s sustainable communities strategic plan.

“We are very impressed with the commitment that READS repeatedly has demonstrated to the success of charter schools not just in Jersey City and Newark, but statewide as well,” said Reena Bhatia, vice president of educational facilities financing at LISC. “Since READS began, it has made invaluable contributions to the charter school community in those two cities. We are glad to support this work, and we look forward to all that READS will accomplish in the next few years.”

The Walton Family Foundation was established by Sam Walton, best known as the founder of the Wal-Mart retail chain. The foundation continues his philanthropic legacy by investing in programs that empower parents to choose the best education for their children .

An innovative nonprofit real estate development company, READS is committed to building strong organizations and communities through innovative real estate development. Since its inception in 2003 READS has assisted dozens of nonprofits in developing their facilities to meet their social service needs.

READS provides all phases of real estate development and technical assistance including financial structuring and project management. READS has been recognized by the New Jersey Department of Education with the Corporate Partnership Award for its work with charter schools and by the Federal Department of Education as a promising practice in real estate development.

For more information, call Timko at (732) 635-1000.

On the web:

www.readsusa.com

www.lisc.org/greaternewark-jerseycity

www.waltonfamilyfoundation.org

Newark Educators Collaborative Charter School to open Tuesday

Project manager READS calls facility an asset to Lincoln Park families

FOR IMMEDIATE RELEASE

NEWARK (Sept. 2, 2009) – For some 200 students in Lincoln Park, “back to school” this Tuesday will mean going to a school that is new in every sense of the word.

It will be the first time any of the students has set foot in Newark Educators Charter School, one of a handful of new charter schools in New Jersey to open their doors for the first time this year. And the school building itself is new, the product of a construction project begun this spring under the supervision of Real Estate Advisory and Development Services Inc., a not-for-profit real estate firm from Metuchen.

"Newark Educators Charter School is going to bring a lot of good things to the Lincoln Park neighborhood,” said Brian Keenan, president and founder of READS. "Its staff are committed to providing a first-rate education to the children who go there, and its administrators have been working hard to develop the best cutting-edge program they can. We're glad to have had a part in that by bringing the school a facility they can be proud of."

The school facility, located at 17-19 Crawford St., previously had been used as horse stables by residents of the Lincoln Park neighborhood. Work on the building involved rehabilitating the building, and increasing the floor space from 18,000 to 28,000 square feet. Much of the historic character of the property has been left in place, with exposed brick visible throughout the building. Enrollment is set at 200 students.

With construction work finished, the school offers educational space as unique and forward-thinking as its program. Each grade level occupies two classrooms that share a common learning space for small group instruction and specialty learning.

The school also has a large space on Washington Street for physical education, and for hosting arts and cultural activities to link the school to the wider learning community.

Financing for the build-out came from the Victoria Foundation, which provided READS with a seven-year, $700,000 low-interest loan. Crawford Street Partners, which owns the property, is leasing it to READS, and READS in turn is subletting it to the charter school. The organization will have the option of buying the school after seven years.

Unlike traditional public schools, charter schools in New Jersey are unable to sell construction bonds to build new facilities, and must either pay rent or acquire a facility through their operating budgets. Over the past six years, many of them have turned to READS for its guidance and expertise on school construction.

"We've helped some charter schools move into and update older school facilities, and in one case, we helped a charter school convert a bowling alley into their facility," said Keenan. "So while horse stables may seem unusual to someone, the truth is that each and every charter school is a reflection of the history, the character and the resources of the community it grows in."

READS is a nonprofit real estate development company committed to building strong organizations and communities through innovative real estate development. Since its inception in 2003 READS has helped dozens of charter schools to obtain and build facilities that meet their needs.

Newark Educators Collaborative Charter School emerged from a 12-year partnership between the Newark Public Schools and Bank Street College of Education. The school intends to model a culture of authentic parent and community engagement, with child-centered teaching, and ongoing professional development for its staff.

For more information, call Keenan at (732) 635-1000.

On the web:
www.readsusa.org

Teaneck charter school set to open doors of new building

Project manager READS hails facility as asset to larger community

FOR IMMEDIATE RELEASE

TEANECK, N.J. (September 2, 2009) — For students at Teaneck Community Charter School, going back to school on Tuesday will involve going to a whole new building.

The school facility, located at 563 Chestnut St., previously had been a warehouse. Construction crews began work on outfitting it last fall under the supervision of Real Estate Advisory and Development Services Inc. READS, a not-for-profit real estate firm from Metuchen, had been contracted by the school because of its track record of developing school facilities for the charter school community.

The distinctive architectural features of the warehouse provided unique opportunities for the new school design. The high ceiling allowed the architect to outfit classrooms with impressive windows, 8 feet high and up to 20 feet long, not only granting students an expansive view of the outside, but also flooding the rooms with natural light.

Anchoring the school is a two-story atrium. Once through the doors, students immediately are connected visually with the school's library, its main corridors, and its multipurpose room. And, like the classrooms, the atrium and hallways are flooded with natural sunlight.

Now finished, the building has 35,000 square feet of space, with enough room for 288 students in kindergarten through eighth grade.

"Stories like this one are why we founded READS," said Brian Keenan, president and founder of READS. "With a building they can call their own, administrators at Teaneck Community Charter School can focus on the education their school provides, without needing to worry about whether they will have a facility from one year to the next.”


Owning the Chestnut Street facility has another advantage for school administrators: savings. Rent at at their previous facility had been costing the school about $1 million a year; its annual mortgage payments will amount to less than $800,000.

Since charter schools in New Jersey must pay all facilities costs from their operations budget, the school can put the difference directly into the education program.

The journey from conception to completion of the work has taken the school three years. With the help of READS, the school bought the warehouse for a total $10 million in tax-exempt bond financing.

The project encountered a hurdle when a routine study of the environmental condition of the property turned up groundwater and soil contamination from an underground fuel tank. The school was unable to begin renovations on the building until the contamination had been removed, a process that cost about $600,000.

“Teaneck Community Charter School is bringing a lot of good things to the neighborhood,” said Keenan. “In addition to the first-rate education it provides, the school has taken an empty warehouse and made a living, vibrant part of the community. We're proud to have been a part of that.”

READS is a nonprofit real estate development company committed to building strong organizations and communities. Since its inception in 2003 READS has helped dozens of charter schools to obtain and build facilities that meet their needs.

READS provides all phases of real estate development and technical assistance, including financial structuring and project management. READS has been recognized by the New Jersey Department of Education with the Corporate Partnership Award for its work with charter schools and by the U.S. Department of Education as a promising practice in real estate development.

For more information, call Keenan at (732) 635-1000, or call the charter school at (973)621-0060.

On the web:
www.readsusa.org
www.tccs.org