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Merchants Capital Secures $320M for Bronx’s Largest Public Housing Development
Merchants Capital’s New York office has provided over $320 million in financing for the renovation of Edenwald Houses in The Bronx, the second largest New York City Housing Authority property in the state.
The funds will support a comprehensive four-year renovation project for the property, which provides affordable housing for more than 5,000 residents. The financing was secured through a New York Housing Development Corporation Freddie Mac Risk Share Loan on behalf of Camber Property Group, the property developer. The project aims to rehabilitate the aging property, improve living conditions, and preserve affordable housing options for residents.
“Maintaining the integrity of developments like Edenwald Houses is critical for the people of New York City, creating a haven where residents can forge their lives and futures in dignity,” said Mat Wambua, vice chairman and executive vice president of agency lending at Merchants Capital.
- ◦Financing
