Projects
Here for you
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
The Aperture Foundation, a major force in the world of fine art photography, is renovating a historic Romanesque Revival building at 380 Columbus Avenue in New York City to become its permanent headquarters. The 10,855 sqft facility – directly across from the American Museum of Natural History, near the The New York Historical Museum & Library and facing the Central Park – will feature a bookstore, event and gallery spaces, and open studios visible from the street to highlight the organization’s creativity and transparency.
Originally built in 1885-1886 as the Evelyn Apartments by architect Emil Gruwe, the red- brick building will serve as a dynamic hub for exhibitions, talks, panels, signings, and educational programs devoted to photography. After 20 years on the fourth floor in Chelsea, Aperture’s move to a new permanent, street-level home will strengthen its connection with the local community connections and increase public visibility. (Aperture Prepares New Home on New York’s Upper West Side for 2026)
“Aperture has long been an anchor for the photography community, not just in New York but globally. Our permanent commitment to the Upper West Side and a highly visible ground floor space signals a renewed, long-term vision for Aperture’s future as we move into our eighth decade - one that recognizes Aperture’s critical role in fostering collaboration and bringing together the array of artists, writers, institutions, and enthusiasts that are transformed by photography every day.” Sarah Meister, Aperture’s executive director, Photography organization Aperture is moving into a historic building on the UWS
The $20M project, covering property acquisition and gut renovation, closed in August 2025 with financing arranged by ThinkForward Financial. The multi-year transaction combined multiple funding sources and innovative financing techniques to close the gap between project costs and available capital.
Aperture raised $3.6M in a capital campaign and purchased two floors of the landmark building for $10M, financed through campaign funds and a $5.9M seller mortgage.
The foundation secured $1.7M from the New York State Council on the Arts and $1.0M from the City Council Discretionary Funding - NYC Nonprofits. As actual grant disbursements may take several months, bridge financing was needed to maintain and move the project forward.
ThinkForward helped obtain a short-term loan of $2.1M from FJC – A Foundation of Philanthropic Funds, enabling early design and construction.
Aperture refinanced the seller mortgage and FJC loan through an $8.0M acquisition loan from LISC, Aperture New Home Project | Local Initiatives Support Corporation.
LISC (Local Initiatives Support Corporation) converted the acquisition loan into a $13.4M construction loan covering renovation costs, interest reserves, and fees. A dedicated board member contributed $2.0M to close the remaining budget gap.
Nonprofit organizations face distinct hurdles when financing capital projects:
• Limited liquidity and lack of tangible assets make traditional bank loans difficult.
• Funder restrictions and covenants, and inconsistent cash flow limit long-term debt eligibility.
• Funding timelines for disbursement of public grants creates temporary cash gaps.
To overcome these, nonprofits must assemble a resilient and diversified “capital stack”—blending grants, campaign funds, low-cost loans, bridge financing, tax credits, and board support.
The foundation plans to repay a portion of the construction loan using the capital grants, convert the remainder into a mini-perm loan, and continue fundraising to reduce long-term debt. Completion is expected by mid-2026, the culmination of a five-year effort.
The Aperture Example: A Model Capital Stack
The Aperture Foundation transaction is a true example of a diverse capital project stack- making use of all possible sources of capital that were available to it and innovative financial strategies to bridge the gap between project costs and available capital.
Aperture’s success demonstrates how a layered funding approach can deliver results:
• Strong Community Support: A well-run capital campaign established credibility and induced the seller to offer a short-term mortgage.
• Public Grants as Validation: Securing government funding signaled financial strength and encouraged private foundations, such as FJC, to participate.
• Catalyzing Institutional Support: Early funding commitments helped attract LISC, a community development lender, to finance construction and refinancing.
• Board Commitment: Active board participation included filling the funding gaps to satisfy lender requirements to complete the final capital structure.
By partnering with ThinkForward Financial, Aperture effectively combined multiple financial instruments to manage risk, minimize borrowing costs, and ensure long-term sustainability—an approach that other nonprofits can emulate.
The Aperture Foundation project illustrates how strategic financial planning and expert advisory support can turn an ambitious nonprofit vision into reality. With a carefully layered capital stack—spanning community contributions, public grants, foundation loans, and board support—Aperture is on track to open a landmark space that celebrates photography and community engagement for generations to come.
The Aperture Foundation, a major force in the world of fine art photography, is renovating a historic Romanesque Revival building at 380 Columbus Avenue in New York City to become its permanent headquarters. The 10,855 sqft facility – directly across from the American Museum of Natural History, near the The New York Historical Museum & Library and facing the Central Park – will feature a bookstore, event and gallery spaces, and open studios visible from the street to highlight the organization’s creativity and transparency.
Originally built in 1885-1886 as the Evelyn Apartments by architect Emil Gruwe, the red- brick building will serve as a dynamic hub for exhibitions, talks, panels, signings, and educational programs devoted to photography. After 20 years on the fourth floor in Chelsea, Aperture’s move to a new permanent, street-level home will strengthen its connection with the local community connections and increase public visibility. (Aperture Prepares New Home on New York’s Upper West Side for 2026)
“Aperture has long been an anchor for the photography community, not just in New York but globally. Our permanent commitment to the Upper West Side and a highly visible ground floor space signals a renewed, long-term vision for Aperture’s future as we move into our eighth decade - one that recognizes Aperture’s critical role in fostering collaboration and bringing together the array of artists, writers, institutions, and enthusiasts that are transformed by photography every day.” Sarah Meister, Aperture’s executive director, Photography organization Aperture is moving into a historic building on the UWS
The $20M project, covering property acquisition and gut renovation, closed in August 2025 with financing arranged by ThinkForward Financial. The multi-year transaction combined multiple funding sources and innovative financing techniques to close the gap between project costs and available capital.
Aperture raised $3.6M in a capital campaign and purchased two floors of the landmark building for $10M, financed through campaign funds and a $5.9M seller mortgage.
The foundation secured $1.7M from the New York State Council on the Arts and $1.0M from the City Council Discretionary Funding - NYC Nonprofits. As actual grant disbursements may take several months, bridge financing was needed to maintain and move the project forward.
ThinkForward helped obtain a short-term loan of $2.1M from FJC – A Foundation of Philanthropic Funds, enabling early design and construction.
Aperture refinanced the seller mortgage and FJC loan through an $8.0M acquisition loan from LISC, Aperture New Home Project | Local Initiatives Support Corporation.
LISC (Local Initiatives Support Corporation) converted the acquisition loan into a $13.4M construction loan covering renovation costs, interest reserves, and fees. A dedicated board member contributed $2.0M to close the remaining budget gap.
Nonprofit organizations face distinct hurdles when financing capital projects:
• Limited liquidity and lack of tangible assets make traditional bank loans difficult.
• Funder restrictions and covenants, and inconsistent cash flow limit long-term debt eligibility.
• Funding timelines for disbursement of public grants creates temporary cash gaps.
To overcome these, nonprofits must assemble a resilient and diversified “capital stack”—blending grants, campaign funds, low-cost loans, bridge financing, tax credits, and board support.
The foundation plans to repay a portion of the construction loan using the capital grants, convert the remainder into a mini-perm loan, and continue fundraising to reduce long-term debt. Completion is expected by mid-2026, the culmination of a five-year effort.
The Aperture Example: A Model Capital Stack
The Aperture Foundation transaction is a true example of a diverse capital project stack- making use of all possible sources of capital that were available to it and innovative financial strategies to bridge the gap between project costs and available capital.
Aperture’s success demonstrates how a layered funding approach can deliver results:
• Strong Community Support: A well-run capital campaign established credibility and induced the seller to offer a short-term mortgage.
• Public Grants as Validation: Securing government funding signaled financial strength and encouraged private foundations, such as FJC, to participate.
• Catalyzing Institutional Support: Early funding commitments helped attract LISC, a community development lender, to finance construction and refinancing.
• Board Commitment: Active board participation included filling the funding gaps to satisfy lender requirements to complete the final capital structure.
By partnering with ThinkForward Financial, Aperture effectively combined multiple financial instruments to manage risk, minimize borrowing costs, and ensure long-term sustainability—an approach that other nonprofits can emulate.
The Aperture Foundation project illustrates how strategic financial planning and expert advisory support can turn an ambitious nonprofit vision into reality. With a carefully layered capital stack—spanning community contributions, public grants, foundation loans, and board support—Aperture is on track to open a landmark space that celebrates photography and community engagement for generations to come.
How to Combine Available Financing Options to Fund New Facilities
Real estate prices for commercial office space in New York City have decreased substantially.
%20(1).png)