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New York & Tri-State  + Uptown/Bronx  + Finance  |  November 16, 2023
Emily Fu
By: Emily Fu

Bronx Historic Property Lands $225M Rehabilitation Funds

Merchants Capital’s New York office facilitated over $225 million financing for the NYCHA Permanent Affordability Commitment Together (PACT) Union Avenue Consolidated project. This initiative encompasses refinancing and refurbishment across seven properties in the Bronx, totaling 983 apartment units. 

The funds, secured through a Freddie Mac Capital Markets Execution (CME) loan, will drive property refinancing and comprehensive unit upgrades, including kitchen enhancements, plumbing improvements, and common area maintenance. The project aims to modernize while maintaining permanent affordability and tenant rights. 

Scheduled for completion by September 2025 and commenced in October 2023, this venture addresses capital needs, repair costs, and social service development tailored to the Union Avenue community. This financing adds to Merchants Capital’s $1 billion commitment to NYCHA PACT projects. 

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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