Merchants Capital Provides $29M Refi for NYC Senior Housing Property
80 Rutgers Slip in the Two Bridges area of Manhattan is 10 stories and houses 109 units
By Brian Pascus April 29, 2024 11:55 am
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Two Bridges Neighborhood Council, a New York City-based nonprofit, has secured $29.6 million to refinance a 109-unit senior housing center in Lower Manhattan.
News of the refinancing was first reported by PincusCo.
Merchants Capital Corporation provided the loan, which was split into three separate notes – a $22.7 million piece, a $3.5 million piece, and a $3.3 million piece. The loan was signed by Ditashiah Kohn, president of Two Bridges Neighborhood Council, whose subsidiary Two Bridges Apartments L.P. first purchased the property in 2005.
Located at 80 Rutgers Slip in the Two Bridges area of Manhattan’s Lower East Side, the 10-story building spans approximately 83,904 square feet and was first constructed in 1987. 80 Rutgers Slip is primarily used as the primary residence for Two Bridges Senior Housing and Two Bridges Senior Apartments Senior Center.
The property includes nearly 117,000 square-feet of additional air rights for a total buildable square footage of 200,950 square-feet, according to Pincus data analyses.
Two Bridges Neighborhood Council did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
