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Project Costs: $20 million
Who: Aperture Foundation, an arts organization in Manhattan
What: 10,500 square feet spanning two floors, including property acquisition and complete gut renovation
Where: 380 Columbus Avenue Condo Space, Manhattan
When: Financing completed in August 2025
Project Lender: LISC (a CDFI)
Why: To fulfill the organization’s long-term vision with expanded programming and new revenue opportunities
Each nonprofit faces its own set of challenges when tackling capital project financing. In the arts and cultural world, projects often require a diverse range of funding sources, capital grants, tax credits, bridge loans, capital campaigns, cash, and construction and permanent debt financing. The financing for Aperture Foundation’s new home was no exception—this complex financing unfolded over several years and ultimately succeeded, even amid challenging credit markets. Financing Timeline
The financing journey unfolded in several key stages over a period of time.
• Year One: Acquisition was achieved through a $6 million seller mortgage and $3.5 million from a capital campaign.
• Year Three: CDFI provided an Acquisition loan of $8.0 million to refinance the seller’s mortgage plus fund other construction costs.
• Year Four: A $13.4 million construction loan from CDFI to refinance the acquisition loan, and to provide additional construction funds in conjunction with capital grants, and continued capital campaigning.
• Goal for Year Ten: To be free of any debt.
By combining grant awards with continued capital fundraising, the Foundation is positioned to reduce the construction loan upon project completion.
With prudent long-term financing, ongoing fundraising, and new revenue prospects from the expanded facility, the Foundation may enter the next decade free of debt.
• Engage a trusted financial advisor with robust investor and lender relationships, as well as knowledge of various financing options and grant programs.
• Apply for city and state grants early, as the process from funding application often takes more than two years.
• Avoid overleveraging real estate—depending too heavily on a single funding source is risky, especially during unpredictable economic conditions.
Project Costs: $20 million
Who: Aperture Foundation, an arts organization in Manhattan
What: 10,500 square feet spanning two floors, including property acquisition and complete gut renovation
Where: 380 Columbus Avenue Condo Space, Manhattan
When: Financing completed in August 2025
Project Lender: LISC (a CDFI)
Why: To fulfill the organization’s long-term vision with expanded programming and new revenue opportunities
Each nonprofit faces its own set of challenges when tackling capital project financing. In the arts and cultural world, projects often require a diverse range of funding sources, capital grants, tax credits, bridge loans, capital campaigns, cash, and construction and permanent debt financing. The financing for Aperture Foundation’s new home was no exception—this complex financing unfolded over several years and ultimately succeeded, even amid challenging credit markets. Financing Timeline
The financing journey unfolded in several key stages over a period of time.
• Year One: Acquisition was achieved through a $6 million seller mortgage and $3.5 million from a capital campaign.
• Year Three: CDFI provided an Acquisition loan of $8.0 million to refinance the seller’s mortgage plus fund other construction costs.
• Year Four: A $13.4 million construction loan from CDFI to refinance the acquisition loan, and to provide additional construction funds in conjunction with capital grants, and continued capital campaigning.
• Goal for Year Ten: To be free of any debt.
By combining grant awards with continued capital fundraising, the Foundation is positioned to reduce the construction loan upon project completion.
With prudent long-term financing, ongoing fundraising, and new revenue prospects from the expanded facility, the Foundation may enter the next decade free of debt.
• Engage a trusted financial advisor with robust investor and lender relationships, as well as knowledge of various financing options and grant programs.
• Apply for city and state grants early, as the process from funding application often takes more than two years.
• Avoid overleveraging real estate—depending too heavily on a single funding source is risky, especially during unpredictable economic conditions.
NYC agencies are encouraging investments in IndustrialBusiness Zones (IBZ).This is good news for real estate developers and building owners hoping to attract manufacturing and light industrial tenants through redevelopment of their properties. Financial assistance through the NYCIndustrial Development Agency (NYCIDA) can make a sizeable contribution to most capital stacks.
For many organizations, delaying a project means delaying future success. Tax credits and economic incentives can help fund the next step forward in any mission-driven organization’s growth and evolution. Considering the life line that these programs can represent, let’s take a few moments to understand what incentives are and how to tap into the potential for your company.