NEW YORK CITY — Merchants Capital has secured $26.3 million in financing for Three Arts Club, a historic 62-unit property in New York City being rehabilitated as affordable seniors housing.
The West Side Federation for Senior and Supportive Housing (WSFSSH) is the borrower. The financing includes an $18.4 million Freddie Mac Unfunded Forward permanent loan and a $7.9 million construction loan from Merchants Bank.
Upon completion of the conversion, Three Arts Club will provide permanent and supportive housing for residents age 62 and older earning at or below 50 percent of the area median income, with 25 units reserved for formerly unhoused individuals.
Three Arts Club was originally built in the 1920s as dormitory-style housing for aspiring women artists. The renovation project began in late 2025.
WSFSSH’s portfolio includes 31 buildings serving more than 2,480 low-income New Yorkers.