**Westbeth Artists Housing to Receive $25.2M in Recapitalization Financing**
Merchants Capital has provided $25.2 million in financing for the recapitalization and rehabilitation of Westbeth Artists Housing, a 384-unit historic, mixed-use affordable artist housing development located along the West Side Highway at Bethune Street in Manhattan’s West Village. Westbeth is recognized as the oldest and largest affordable artist housing complex in the United States.
The financing was secured through a Freddie Mac Capital Markets Execution straight-to-permanent loan. In addition to the loan, the project is receiving substantial support from New York State Homes and Community Renewal (HCR), contributing $63 million through its 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, affordability will be strengthened through a new regulatory agreement with HCR. This agreement will stabilize rents and ensure that 383 of the development’s 384 units remain income-restricted, preserving affordability for future generations of artists.
Westbeth Artists Housing continues to play a vital role in New York’s cultural fabric, providing a dedicated, affordable space for artists to live and work in one of the city’s most prestigious neighborhoods.
