Merchants Capital has contributed $129.1 million in financing for the renovation of three housing developments and six residential buildings in the East Bronx, totaling 952 units. This project is part of a larger $419.6-million renovation plan by the New York City Housing Authority (NYCHA).
The funding was provided through a New York Housing Development Corporation Freddie Mac Risk Share Loan as part of the Permanent Affordability Commitment Together (PACT) program. Merchants Capital has been actively involved in supporting affordable housing projects through PACT, with approximately $2 billion invested towards 9,000 units throughout New York City.
Mat Wambua, vice chairman at Merchants Capital stated that their commitment to preserving and supporting affordable housing in NYC continues with this latest project for NYCHA. He also expressed gratitude for being able to work alongside their partners under PACT once again to make a positive impact on communities like The Bronx.
This investment by Merchants Capital will not only improve living conditions but also contribute towards enhancing neighborhoods within The Bronx incrementally.
