$16,000,000 to refinance a unique 13-building , non-profit, adaptive re-use rental property in Greenwich Village, NYC. Loan proceeds will be used for renovations and improvements
Winter & Company arranged $16 million in financing for a 13-building, approximately 550,000 square foot, mixed-use rental property for the world’s largest artists’ community which occupies an entire city block in Manhattan’s Greenwich Village neighborhood. The iconic property was the first major adaptive re-use project overseen by esteemed architect Richard Meier, resulting in 384 residential units and 82 commercial units, with a range of uses which include artist’s studios, theatres, and dance studios. The complex was originally constructed in 1926 as the headquarters of Bell Telephone Laboratories, before being converted to its present us in 1968.
The 10-year loan will amortize on a 25-year schedule with surplus proceeds slated to be utilized to finance an array of renovation and capital improvement projects.
Since the property is owned and operated as a non-profit organization, arranging the financing presented numerous challenges that needed to be overcome, as well as finding a lender both open to the non-profit’s mission, as well as cognizant of the property’s enormous intrinsic and future value given its size and its prime West Village location.
5 years earlier, Winter & Company had previously arranged $9,800,000 in financing to address an earlier round of renovations and capital improvements on the complex.
Winter & Company welcomes the challenges of providing advisory services to non-profit organizations for their real estate financing needs.