Capital Stacking for Aperture Foundation’s New Facility

10/13/2025

Project Snapshot

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.

Financing Strategy

By combining grant awards with continued capital fundraising, the Foundation is positioned to reduce the construction loan upon project completion.

Result

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.

Key Takeaways

• 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.

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Case Studies

Capital Stacking for Aperture Foundation’s New Facility

Project Snapshot

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.

Financing Strategy

By combining grant awards with continued capital fundraising, the Foundation is positioned to reduce the construction loan upon project completion.

Result

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.

Key Takeaways

• 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.

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