Covenant House Gets $61M Loan to Redevelop Facility

Photo of homeless living by Jon Tyson on Unsplash

NEW YORK CITY—Covenant House New York is redeveloping its facilities in a partnership with the developer Gotham Organization. Goldman Sachs Urban Investment Group has provided a $61 million mortgage loan for the borrower to upgrade its current location at 550 Tenth Ave. between W. 40th and W. 41st streets in Hudson Yards.

Founded in 1972, Covenant House is the largest privately funded agency in the Americas that works to help youth overcome homelessness. Each year it serves almost 89,000 young people in 31 cities and six countries. Last year, Covenant House New York chose Gotham as its development partner. Gotham has been in business for more than 100 years and has extensive experience in working with non-profits.