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Expansion in a Competitive Commercial Real Estate Market
Manhattan Country School, Expansion
Manhattan
Expansion in a Competitive Commercial Real Estate Market
Manhattan Country School, Expansion
Manhattan
A buyer needed to be secured for the school’s existing five-story townhouse that had served as MCS’s home for more than 50 years. The sale was required before the school could act on an ideal property on the Upper West Side, the culmination of an intensive 3+ year search. The UpperWest Side property was coveted by more than few bidders.
Expansion in a Competitive Commercial Real Estate Market
Manhattan Country School, Expansion
Manhattan
MCS initially financed the new school building through an expensive hard money bridge loan to secure the property. The school attempted to arrange financing within their own network of banks but was unsuccessful, as the financing was based on projected enrollment growth. MCS was paying an extremely high rate of interest on the hard money loan, placing even more pressure on its finances.
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Expansion in a Competitive Commercial Real Estate Market
Manhattan Country School, Expansion
Manhattan
ThinkForward recognizes that nonprofit institutions can face more financing challenges than their commercial counterparts. A more nuanced approach is required, one that recognizes the social service element, which is inherent in a mission of service to community.
Expansion in a Competitive Commercial Real Estate Market
Manhattan Country School, Expansion
Manhattan
MCS’s move across Central Park, from the East to theWest Side of Manhattan, meant a significant increase in space, an additional13,000 square feet, for a total of 27,000 square feet in six stories. As important, the new location represented one of the rarest of finds in a competitive commercial real estate environment: a high-quality, existing facility suited to the school’s unique requirements.
Among NYC independent schools, Manhattan CountrySchool (MCS) stands apart in its commitment to creating a highly collaborative, multicultural learning environment. The school developed a strategic plan to gradually grow enrollment over a four-year period while also ensuring a socio-economically diverse student population. To realize this ongoing legacy of diversity necessitated a larger school facility and space better aligned with current and future program needs.
Expansion in a Competitive Commercial Real Estate Market
Manhattan Country School, Expansion
Manhattan
A buyer needed to be secured for the school’s existing five-story townhouse that had served as MCS’s home for more than 50 years. The sale was required before the school could act on an ideal property on the Upper West Side, the culmination of an intensive 3+ year search. The UpperWest Side property was coveted by more than few bidders.
MCS initially financed the new school building through an expensive hard money bridge loan to secure the property. The school attempted to arrange financing within their own network of banks but was unsuccessful, as the financing was based on projected enrollment growth. MCS was paying an extremely high rate of interest on the hard money loan, placing even more pressure on its finances.
ThinkForward recognizes that nonprofit institutions can face more financing challenges than their commercial counterparts. A more nuanced approach is required, one that recognizes the social service element, which is inherent in a mission of service to community.
MCS’s move across Central Park, from the East to theWest Side of Manhattan, meant a significant increase in space, an additional13,000 square feet, for a total of 27,000 square feet in six stories. As important, the new location represented one of the rarest of finds in a competitive commercial real estate environment: a high-quality, existing facility suited to the school’s unique requirements.
PreK - 8th School
$22,000,000
“The Bronx is New York City’s fastest growing borough, and we see continued opportunity to help bring new investment in the services, schools, office space, and retail that have long contributed to the Bronx being such a vibrant community (Miami, May 2019, PRNewswire).”
ANTHONY BALESTRIERI, SNR. VP
A buyer needed to be secured for the school’s existing five-story townhouse that had served as MCS’s home for more than 50 years. The sale was required before the school could act on an ideal property on the Upper West Side, the culmination of an intensive 3+ year search. The UpperWest Side property was coveted by more than few bidders.
MCS initially financed the new school building through an expensive hard money bridge loan to secure the property. The school attempted to arrange financing within their own network of banks but was unsuccessful, as the financing was based on projected enrollment growth. MCS was paying an extremely high rate of interest on the hard money loan, placing even more pressure on its finances.
MCS’s move across Central Park, from the East to theWest Side of Manhattan, meant a significant increase in space, an additional13,000 square feet, for a total of 27,000 square feet in six stories. As important, the new location represented one of the rarest of finds in a competitive commercial real estate environment: a high-quality, existing facility suited to the school’s unique requirements.
Among NYC independent schools, Manhattan CountrySchool (MCS) stands apart in its commitment to creating a highly collaborative, multicultural learning environment. The school developed a strategic plan to gradually grow enrollment over a four-year period while also ensuring a socio-economically diverse student population. To realize this ongoing legacy of diversity necessitated a larger school facility and space better aligned with current and future program needs.
