Merchants Capital provided $25.2 million in financing as part of the recapitalization and rehabilitation of Westbeth Artists Housing, a 384-unit historic, mixed-use affordable artist housing development located along the West Side Highway at Bethune Street in the West Village. Westbeth Artists Housing is the oldest and largest affordable artist housing development in the U.S.
Merchants Capital secured financing via a Freddie Mac Capital Markets Execution straight-to-permanent loan. The project is also supported by $63 million from New York State Homes and Community Renewal‘s (HCR) Multifamily Preservation Program.
“For decades, Westbeth has provided affordable housing for its artist residents and served as a vibrant hub for the local community,” said Ben Levine, SVP of originations at Merchants Capital. “Merchants Capital is honored to support the Westbeth mission, contribute financing towards improvements of this historic building and preserve long-term affordable housing within the West Village neighborhood.”
Affordability will now be enhanced via a new regulatory agreement with HCR that will stabilize rents and restrict 383 units.
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