January 18, 2017
DETROIT, Jan. 18, 2017 /PRNewswire/ -- Charter School Capital, the nation's leading provider of growth capital and facilities financing to charter schools, announced today that its facilities arm, American Education Properties (AEP), has acquired the building occupied by Detroit Public Safety Academy, a charter school located at 1250 Rosa Parks Blvd., in Detroit. The acquisition secures Detroit Public Safety Academy a long-term facility in which to operate.
"We are delighted to support the future of Detroit Public Safety Academy by acquiring the building in which it operates," said Stuart Ellis, president and CEO of Charter School Capital. "With a curriculum that is all about creating a safe and viable community, this innovative charter school is a change maker for the City of Detroit."
Opened in 2013, Detroit Public Safety Academy provides students in grades 7-12 with a curriculum tailored to careers in the public safety sectors, including law enforcement, fire and emergency services, corrections and security. Law and government career programs are also incorporated into the curriculum, which starting in the 2017/18 school year will expand to also serve sixth graders. For the 2015/16 school year, Detroit Public Safety Academy celebrated a 100 percent graduation rate, with all students going on to continue their education in college or safety academies, or straight into career employment.
Charter School Capital purchased the Detroit Public Safety Academy property from developer, Lormax Stern.
"Detroit Public Safety Academy brought its program to Detroit at just the right time, and Charter School Capital purchased the school's facility at a crucial time in the academy's growth," said Richard Kerwin, executive vice president of acquisitions and dispositions for Lormax Stern. "It has been a pleasure working alongside Charter School Capital to assure a long-term home for Detroit Public Safety Academy, and ultimately a better tomorrow for the community."
Detroit Public Safety Academy is operated by The Leona Group, a charter management organization (CMO) driven by a philosophy that every child can and will learn, regardless of ethnicity, economic or educational disadvantage.
"Detroit Public Safety Academy is deeply embedded in its local community," added Ellis. "This remarkable charter school thrives on partnerships with local businesses to provide alums with jobs and training, ultimately making Detroit a viable community for future generations. We look forward to supporting this institution for many years to come."
Today, more than 1 million students find themselves on waiting lists for their local charter schools. The National Alliance for Public Charters schools continues to highlight the lack of facilities options available to charter schools as a major issue charter leaders face. To meet this demand, charter schools require facilities that address the unique growth needs of each school and community and require access to capital to expand. Charter School Capital focuses solely on charter school needs, providing customizable facilities financing options to charter schools. Charter leaders retain control of their buildings and are afforded the flexibility to make the modifications necessary to expand their enrollment and academic programs.