American Bank Note Building (“ABN”)
Website |
www.thebanknotenyc.com |
Sector Group |
Retail and Tourism |
Fund Relationship |
Taconic Investment Partners, Denham Wolf Real Estate Services |
Description |
The Fund provided mezzanine debt to Taconic Investment Partners and Denham Wolf Real Estate Services as part of a financing package that supports the purchase and redevelopment of a historic 405,000 SF, three building facility located in the Hunts Point section of the South Bronx. The development team plans to create an office center for arts organizations, design firms, and nonprofit and community groups. A retail food market also is planned.
The upgraded facility will attract new businesses and organizations that can create jobs and bring new economic activity to this low-income area of the South Bronx. The building also has the potential to serve as an anchor to encourage further redevelopment in the immediate vicinity while providing a more reasonably priced office or performance space option for creative and nonprofit organizations that are getting priced out of the Manhattan market. The Fund will also make available additional debt financing to assist ABN tenants to fund tenant improvements and/or the expansion of their operations, with preference given to nonprofit tenants. |