The Museum of Modern Art has raised $650 million toward its second major expansion in 12 years, helping the New York institution secure additional financing for the project through tax-exempt bonds, Bloomberg writes.
The museum sold $281 million in bonds Wednesday through the Trust for the Cultural Resources of the City of New York. About $100 million of the money will go toward the expansion, with the museum using the rest to refinance debt as borrowing costs drop. "Their donor support puts them in a position that few museums enjoy," said Dennis Gephardt, an analyst with credit-rating agency Moody’s.
Entertainment mogul David Geffen and hedge-fund titan Kenneth Griffin are among the prominent philanthropists who have donated to the two-part expansion. The project includes renovations to the museum’s midtown Manhattan home and establishing three floors of new gallery space at a planned condominium high-rise nearby.