The Yards Receives $15M Loan, Plans Expansion In NYC, Boston And D.C.
Co-working space provider The Yard received a $15M credit facility from Israel Discount Bank of New York to expand into new markets and open more locations.
The Yard currently operates nine locations, eight in New York City and one in Philadelphia, and the company plans to use the new funds to expand into Boston and Washington, D.C., in addition to opening three more offices in NYC, the Commercial Observer reports. The new NYC locations will open at 510 Fifth Ave. in Manhattan, and two Brooklyn locations in 157 13th St. and 195 Broadway.
The Yard co-founder and CEO Morris Levy said this new relationship will help the company expand nationally and develop new amenities for its members. The Yard offers co-working setups ranging from single desks to workstations that can accommodate more than 30 people. Previous to this round of fundraising the company has received $30M in financing.