A Private College Acquires Medical College in
Westchester County

This private College is America's largest and fastest-growing independent institution of higher and professional education under Jewish auspices. The College was established in 1971 to perpetuate and enrich the Jewish heritage, to enhance Jewish continuity, as well as to serve the general community in keeping with the historic Judaic commitment to intellectual inquiry and social justice. Approximately 18,000 students are currently enrolled in its various schools and divisions.

The Challenge

In 2010, a private College was seeking financing to convert its NYC apartment building into student housing; however, at that time, the school had an impaired credit, due to two years of substantial operating losses, compounded by an extremely tight credit environment and the need to unwind long-dated swaps at a substantial loss. The school’s existing lending group at the time was withdrawing its credit support and the school was having an extremely difficult time finding new lenders.

The Solution

Despite these very difficult credit conditions, TFF utilized its credit and real estate expertise to craft a financing solution to entice a lender in its broad banking network to provide a $25 million taxable loan for the renovation project.

Due to its success on the student housing project, Touro again utilized TFF’s expertise in procuring a lender to refinance $43.6 million of the School’s New York City IDA Bonds and generate additional proceeds to enable to the School to acquire New York Medical College.