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Merchants Capital Provides $231M Financing for Eastchester Gardens Rehab

Merchants Capital secured $231 million in total financing for the renovation of Eastchester Gardens, a $391-million New York City Housing Authority Permanent Affordability Commitment Together (PACT) project that spans 10 residential buildings in the Bronx. Eastchester Gardens is one of the oldest public housing developments in New York City and the second oldest in the borough.

Among the financing Merchants Capital secured was a $221.7-million 30-year Freddie Mac CME permanent loan it provided for the development.

“Preserving infrastructure and long-term affordability is a cornerstone of this deal, and we are very pleased to provide critical financing to meet this need,” said Mat Wambua, vice chairman at Merchants Capital.

Eastchester Gardens is being developed by the PACT partner team of MDG Design + Construction, Infinite Horizons and Wavecrest Management. The partners will address the capital needs of the development and fully rehabilitate all 887 apartments, shared spaces, grounds and building infrastructure.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing
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