Manatus Development Group secured $ 38 million in debt from Barclays refinance the new headquarters of a not-for-profit health and social services organization in the South Bronx. Samaritan Daytop VillageAs it became known to the Commercial Observer.
A 10-year fixed rate loan with only interest rate absorbed $ 24 million of existing construction debt from TD Bank what happened delivered by the end of 2019 build a six-story 84,000-square-foot office building and community center, according to information HKS Real Estate Consultants, the company that organized the refinancing.
Deputy Director of HKS Max Ralby has been organizing and negotiating refinancing after having previously spearheaded an initial construction loan for an onshore project in 356-362 East 148th Street in Mott Haven on behalf of Manatus and Park-It Management in 2019.
Manatus was able to pay off its existing construction debt and obtain a Temporary Certificate of Tenancy (TCO) in just 21 months from the date of loan closing, despite the impact of COVID-19 on the real estate and construction industry. Initially, the developer planned to obtain TCO in the first quarter of 2021, after breakthrough in autumn 2019Ralby previously told CO.
“This deal has generated intense competition from the lending community and is a true testament to the quality of the sponsorship and project,” Ralby said. “Manatus has done a fantastic job of delivering an exceptional product for its tenant and it will undoubtedly have a lasting impact on the neighborhood and the community as a whole.”
Samaritan Daytop Village, a non-profit organization that provides services such as drug addiction and mental health treatment and counseling, will occupy all of the property that will serve as its new opioid primary processing center, according to previous project information from the nonprofit and Manatus. The Samaritan will be housed in 64,000 square feet and 12,000 square feet in a garage; There is also about 2,300 square feet of flexible space that is still empty, Ralby said.
Development – named Richard Pruss Wellness Center – includes a small reception area for treating clients and patients, as well as a reserved space for many of the ancillary services provided by Samaritan, such as primary care and dental care, as well as individual and group counseling and therapy. The Samaritan developed a project designed by a New York architect. GF55 Partnersas a “one stop shop” for behavioral and primary health care in the area, according to its website.
“The new Richard Pruss Wellness Center at Samaritan Daytop Village will bring critical health and humanitarian services to the underserved Bronx population,” said Manatus Development Director Justin Stern said. “I am very proud of my team who built this new purpose-built facility during the challenging and challenging COVID-19 pandemic.”
Samaritan President and CEO Mitchell Netburn said the project was “an ambitious endeavor” and praised Manatus for his work in bringing it to life.
“Construction continued during the pandemic, which allowed us to schedule the grand opening this fall,” he added. “There is such a great demand for such proposals in the Bronx. This landmark event will provide the Mott Haven community with access to high quality mental health and primary health care services. We envision this fully integrated center as a key offering in Samaritan Daytop Village’s portfolio of services. ”
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