Consolidate operations currently in multiple leased spaces throughpurchase of anentire floor in a commercial condominium. Our client’s primary objective is toreduce its occupancy costs while building a core, long-term asset. However,space in the Midtown South building (built in 1960) requires significantimprovements to accommodate the entire NYIC staff on one continuous floor.

Demonstrate “betterment or improvement with a city purpose” to be eligible for a City Council Capital Grant. The application process to secure discretionary funds from the Borough President and City Council Members can be burdensome for a nonprofit organization. The process can require as much as an 18-month investment, involving an extensive scope and budget review.

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1. ThinkForward clearly demonstrated the advantages of a commercial condominium acquisition using economic modeling and historical data. Acquisition will immediately reduce NYIC’s annual leasing costs by $505,000. Annual debt service will be less than the total currently paid in combined leasing costs.
2. To procure a bank loan and in anticipation of the NYC City Council Capital Grant application process, ThinkForward detailed other sources of capital. We built the case for NYIC’s strong financial health, including its broad and impressive list of donors and long track record of fiscal responsibility and solid cash flow.
3. A Capital Grant ensures that NYIC’s full consolidation and renovation costs are covered. Eligible projects must be capital assets, which our client’s project is as an acquisition with sizable upgrades and renovations to the property.
4. We also made the case for how the project furthers a public purpose and the resulting services will be open to all members of the public.

ThinkForward ultimately procured a bridge loan of  $7.5M. We secured additional project funding through a $5.0  NYC City Council CapitalGrant and $1.5 million from Empire State Development.

The New York Immigration Coalition (NYIC) is an umbrella policy and advocacy organization that represents more than 200 immigrant and refugee rights groups throughout New York. Since its founding in 1987, the 501(c)(3) has evolved into a powerful voice of advocacy by spearheading innovative policies, protecting the rights of immigrant communities, improving newcomer access to services, developing leadership and capacity, expanding civic participation, and mobilizing member groups to respond to the fluctuating needs of immigrant communities.