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$24M for Samaritans

Manatus Development Group has secured $24 million from TD Bank to finance construction of a mixed-use office building at 362 East 148th Street that will be the new flagship location of non-profit, Samaritan Daytop Village.

The two-year loan includes a six month extension option and carries a rate of 4.5 percent and a 70 percent loan-to-cost.

Max Ralby of HKS Real Estate Advisors negotiated the debt on behalf of Manatus, which specializes in affordable housing and building projects for non-profit organizations.

“The highly experienced sponsorship, prime location within the Bronx, and strength of Samaritan made for a very competitive marketing process with interest from national and local banks, debt funds and not-for-profit lenders, among others,” said Ralby.

The six-story mixed-use office development and community center will comprise 84,000 s/f and will be the new centralized facility for Samaritan as well as its primary opioid treatment center. Samaritan Daytop Village is a non-profit that provides services such as substance abuse and mental health counseling.

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