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BFC Partners, NYCHA Secure $332M for Staten Island Resi Development
NYCHA and BFC Partners have secured $332.3 million in funding for their PACT project in West Brighton, Staten Island, bringing the total investment in the borough to over $1 billion. This initiative, involving BFC Partners, CB Emmanuel, Catholic Homes, and Pinnacle City Living, will convert 16 buildings to Project-Based Section 8 through the RAD program, offering comprehensive renovations for over 1,300 residents.
The funding includes contributions from Freddie Mac, the New York City Housing Development Corporation, Wells Fargo, historic tax credits, city subsidies, and sponsor equity. The project will rehabilitate 574 apartments, reactivate 24 units, and create a new senior center. Upgrades will include façade restorations, roof repairs, new security systems, improved ventilation, and renovated bathrooms and kitchens. The grounds will feature new landscaping, lighting, play equipment, seating, walkways, community gardens, a dog run, and a screened refuse area.
The PACT partner team has collaborated with residents to design the developments, with work beginning soon.
- ◦Financing
