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First-timeBorrower Purchases Class-A Office Space
ConfidentialNonprofit, New Headquarters
Manhattan
First-timeBorrower Purchases Class-A Office Space
ConfidentialNonprofit, New Headquarters
Manhattan
For a first-time borrower unfamiliar with the bond financing process, investment in a commercial condominium could be daunting. In early 2019, our client identified an ideal space in the Financial District, just a few blocks from its current location. The property needed substantial improvements, which added to upfront costs.
First-timeBorrower Purchases Class-A Office Space
ConfidentialNonprofit, New Headquarters
Manhattan
Our client also had to consider temporary dual occupancy costs associated with simultaneously renting one location while renovating the other. However, several months into the Pandemic, the condo owner approached the nonprofit with a time-sensitive opportunity—a significantly reduced asking price for two floors.
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First-timeBorrower Purchases Class-A Office Space
ConfidentialNonprofit, New Headquarters
Manhattan
1. In collaboration with a close-knit team of real estate brokers and consultants, ThinkForward helped our client weigh the advantages of taking on the project.
2. Because of its tax-exempt status, the nonprofit could finance the project at low interest rates and avoid paying property taxes—costs that had previously been passed along through lease payments.
3. We secured 100% tax-exempt bond financing to cover all capital costs, including fixed debt service for the long-term to reduce the interest rate risk.
4. In addition to helping with the various approval processes and requirements of the lender and bond issuer, we secured an additional line of credit to support the nonprofit’s future growth.
· $43M tax-exempt bond financing
· $10M credit line
Owning property was attractive on many levels, not the least of which was avoiding significant increases in occupancy costs upon renewal of the current leased space.
First-timeBorrower Purchases Class-A Office Space
ConfidentialNonprofit, New Headquarters
Manhattan
The long-term benefits of owning property far exceed projected rent increases under the current leasing arrangement. Ultimately, our client will realize substantial savings: $30+ million saved in occupancy costs over 30 years, with only incremental cost increases each year…all while building equity in the property.
In the Fall of 2022, our client moved into their 70,000-square-foot, state-of-the-art office space, about a year after successfully completing the financing.
NYC is home to the internationally respected nonprofit with roots in the city that go back many decades. Our client had outgrown its current leased space, which was both outdated and ill-equipped to support expanded programming. Although remaining in New York presented some financial challenges, leaving the city during a time of economic upheaval and uncertainty (brought on by COVID-19 felt antithetical to its mission and standing among nonprofits.
First-timeBorrower Purchases Class-A Office Space
ConfidentialNonprofit, New Headquarters
Manhattan
For a first-time borrower unfamiliar with the bond financing process, investment in a commercial condominium could be daunting. In early 2019, our client identified an ideal space in the Financial District, just a few blocks from its current location. The property needed substantial improvements, which added to upfront costs.
Our client also had to consider temporary dual occupancy costs associated with simultaneously renting one location while renovating the other. However, several months into the Pandemic, the condo owner approached the nonprofit with a time-sensitive opportunity—a significantly reduced asking price for two floors.
· $43M tax-exempt bond financing
· $10M credit line
Owning property was attractive on many levels, not the least of which was avoiding significant increases in occupancy costs upon renewal of the current leased space.
1. In collaboration with a close-knit team of real estate brokers and consultants, ThinkForward helped our client weigh the advantages of taking on the project.
2. Because of its tax-exempt status, the nonprofit could finance the project at low interest rates and avoid paying property taxes—costs that had previously been passed along through lease payments.
3. We secured 100% tax-exempt bond financing to cover all capital costs, including fixed debt service for the long-term to reduce the interest rate risk.
4. In addition to helping with the various approval processes and requirements of the lender and bond issuer, we secured an additional line of credit to support the nonprofit’s future growth.
The long-term benefits of owning property far exceed projected rent increases under the current leasing arrangement. Ultimately, our client will realize substantial savings: $30+ million saved in occupancy costs over 30 years, with only incremental cost increases each year…all while building equity in the property.
In the Fall of 2022, our client moved into their 70,000-square-foot, state-of-the-art office space, about a year after successfully completing the financing.
Headquarters (Class-A Office)
$43,000,000
“We knew owning our space would eliminate the uncertainty of a fluctuating rental market…but buying also presented formidable challenges.”
CFO, CLIENT
For a first-time borrower unfamiliar with the bond financing process, investment in a commercial condominium could be daunting. In early 2019, our client identified an ideal space in the Financial District, just a few blocks from its current location. The property needed substantial improvements, which added to upfront costs.
Our client also had to consider temporary dual occupancy costs associated with simultaneously renting one location while renovating the other. However, several months into the Pandemic, the condo owner approached the nonprofit with a time-sensitive opportunity—a significantly reduced asking price for two floors.
1. In collaboration with a close-knit team of real estate brokers and consultants, ThinkForward helped our client weigh the advantages of taking on the project.
2. Because of its tax-exempt status, the nonprofit could finance the project at low interest rates and avoid paying property taxes—costs that had previously been passed along through lease payments.
3. We secured 100% tax-exempt bond financing to cover all capital costs, including fixed debt service for the long-term to reduce the interest rate risk.
4. In addition to helping with the various approval processes and requirements of the lender and bond issuer, we secured an additional line of credit to support the nonprofit’s future growth.
1. In collaboration with a close-knit team of real estate brokers and consultants, ThinkForward helped our client weigh the advantages of taking on the project.
2. Because of its tax-exempt status, the nonprofit could finance the project at low interest rates and avoid paying property taxes—costs that had previously been passed along through lease payments.
3. We secured 100% tax-exempt bond financing to cover all capital costs, including fixed debt service for the long-term to reduce the interest rate risk.
4. In addition to helping with the various approval processes and requirements of the lender and bond issuer, we secured an additional line of credit to support the nonprofit’s future growth.
The long-term benefits of owning property far exceed projected rent increases under the current leasing arrangement. Ultimately, our client will realize substantial savings: $30+ million saved in occupancy costs over 30 years, with only incremental cost increases each year…all while building equity in the property.
In the Fall of 2022, our client moved into their 70,000-square-foot, state-of-the-art office space, about a year after successfully completing the financing.
NYC is home to the internationally respected nonprofit with roots in the city that go back many decades. Our client had outgrown its current leased space, which was both outdated and ill-equipped to support expanded programming. Although remaining in New York presented some financial challenges, leaving the city during a time of economic upheaval and uncertainty (brought on by COVID-19 felt antithetical to its mission and standing among nonprofits.
