Merchants Capital has secured over $320 million in financing for the renovation of Edenwald Houses, the second largest New York City Housing Authority property in New York. The funds will support a four-year project to rehabilitate and improve living conditions at the affordable housing development, which provides homes for more than 5,000 residents.
The financing was arranged through a loan from New York Housing Development Corporation Freddie Mac Risk Share on behalf of Camber Property Group, who are managing the project. Mat Wambua, vice chairman and executive vice president of agency lending at Merchants Capital commented: “Maintaining developments like Edenwald Houses is essential for people across NYC; creating an environment where residents can build their lives with dignity” This significant investment is expected to preserve affordable housing options while improving living standards within this large public housing development located in The Bronx.
