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Merchants Capital Provides $348M to Rehabilitate 87 BK Properties
Merchants Capital provided a $348 million Mortgage-Backed Securities (MBS) loan from Fannie Mae to support the rehabilitation of NYCHA’s Reid Park Rock project, a $635.6 million initiative to renovate 87 buildings in Brooklyn, benefiting nearly 3,500 residents.
The development team, including BRP Companies, Fairstead, and Urbane, will deliver comprehensive repairs and upgrades, with a focus on property management and community programs. The financing structure includes Fannie Mae products and aims to recapitalize the project while preserving cash and supporting immediate rehabilitation needs. The partnership involves NYCHA, HDC, and The Local Development Corporation of East New York.
“We were able to provide a more expansive financing structure and strengthen counterparty relationships with the inclusion of Fannie Mae products in the transaction,” said Michael Milazzo, senior vice president of Originations at Merchants Capital. “It is an honor to support NYCHA and the outstanding development team on additional PACT affordable housing projects.”
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- ◦Financing
