NEW YORK CITY—Yeshiva University, which has been taking steps, including selling assets, to stabilize its finances, has secured a $175-million loan from Kansas City, MO-based UMB Bank.
The 10-year financing deal was used to refinance five buildings Yeshiva owns on Lexington and Amsterdam avenues. The five properties are: 215, 245 and 253 Lexington Ave. and 2495 and 2520 Amsterdam Ave. The university says the financing deal closed in late August and replaced short-term loans on the properties that were coming due this fiscal year. A university spokesman says the new financing deal “raised additional liquidity and runway to support university initiatives in the coming years,” according to the Mortgage Observer.
“As part of this financing, the university pledged several of its core assets located on the Wilf and Beren campuses as collateral, without affecting its core academic missions,” the Yeshiva spokesperson says. “The university continues to own an expansive and valuable real estate portfolio across three Manhattan campuses.”
In May of this year Yeshiva University sold 10 apartment buildings in Washington Heights for a combined $72.5 million. Last year, Yeshiva sold four office buildings it owned in Manhattan for $202.5 million. See story in the Commercial Observer.
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