**Westbeth Artists Housing Secures $25.2M Financing for Recapitalization and Rehabilitation**
Merchants Capital has provided $25.2 million in financing for the recapitalization and rehabilitation of Westbeth Artists Housing, a landmark 384-unit affordable artist housing development located in Manhattan’s West Village. Positioned along the West Side Highway at Bethune Street, Westbeth is recognized as the oldest and largest affordable artist housing community in the United States.
The financing was structured through a Freddie Mac Capital Markets Execution straight-to-permanent loan. Additionally, the project is receiving substantial support from New York State Homes and Community Renewal (HCR) through $63 million from the agency’s 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, Senior Vice President 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.”
As part of the recapitalization initiative, affordability will be further bolstered by a new regulatory agreement with HCR that will stabilize rents and maintain affordability for 383 of the 384 units at the Westbeth property.
