New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Merchants Capital Provides $129M to NYCHA Projects in East Bronx
Merchants Capital provided $129.1 million in financing for the New York City Housing Authority (NYCHA) $419.6-million renovation of Boston Road Plaza, Boston Secor and Middletown Plaza (BBM) in the East Bronx. The renovations will span three housing developments and six residential buildings totaling 952 units.
Merchants Capital provided a New York Housing Development Corporation Freddie Mac Risk Share Loan to support rehabilitations under the Permanent Affordability Commitment Together (PACT) program. To date, Merchants has provided approximately $2 billion in financing toward roughly 9,000 units in PACT projects throughout New York City.
“Our work to support and preserve affordable housing throughout New York City endures via renovated NYCHA deals that are improving neighborhoods incrementally,” said Mat Wambua, vice chairman at Merchants Capital. “The Bronx will be vitally enriched as a result of these enhancements. We appreciate the opportunity to apply our structuring expertise and align once again with our PACT partners who are committed to making a difference.”
- ◦Development
- ◦Financing
