The URI had hoped to deploy more of its limited resources to its core mission. To finance several shelter facilities, the nonprofit had taken advantage of the lower interest rates available with tax-exempt bonds. Now, our client wanted to reduce debt service by refinancing those bonds.

The URI did not want to use any of its equity for the refinancing transaction.‍

1. ThinkForward identified a lender to provide the URI with a tax-exempt loan for refinancing existing bonds and a taxable loan as a substitute for equity.
2. We effectively guided the URI through the refinancing transaction to ensure an efficient, stress-free closing process.
3. We employed a multi-faceted strategy that also allowed for the financing of various costs not eligible for tax-exempt financing.
4. The bonds included a 15-year loan at a very low interest rate, which resulted in a significant reduction in our client’s debt service costs-without having to expend equity on the transaction.

With ThinkForward’s guidance, the transaction was closed under budget and on schedule. We managed the entire financing process, including procuring an ideal lender, managing the issuer application process, and obtaining all necessary approvals. We also prepared tax analysis and financial analyses to determine the optimal structure. Our team coordinated with all legal counsels and facilitated the closing process.

The Urban Resource Institute (URI) is a hands-on social services agency providing comprehensive, holistic programming for the empowerment of individuals and families living in the New York metropolitan area. The Institute helps victims of domestic violence, the developmentally disabled, and people struggling with addiction and substance abuse. The URI has been recognized as one of the top NYC domestic violence shelters, with particular success helping people access permanent housing.