**Merchants Capital Secures $231M for Eastchester Gardens Renovation in the Bronx**
Merchants Capital has secured $231 million in total financing to support the renovation of Eastchester Gardens, one of New York City’s oldest public housing developments. The $391-million rehabilitation project is part of the New York City Housing Authority’s (NYCHA) Permanent Affordability Commitment Together (PACT) initiative and spans 10 residential buildings in the Bronx.
Among the financing obtained is a $221.7-million, 30-year Freddie Mac Capital Markets Execution (CME) permanent loan provided by Merchants Capital.
“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.
The redevelopment of Eastchester Gardens is being led by the PACT partner team of MDG Design + Construction, Infinite Horizons, and Wavecrest Management. The effort will include a complete rehabilitation of all 887 apartments, shared community spaces, landscaped grounds, and building infrastructure, addressing the full scope of the development’s capital needs.
Eastchester Gardens holds historical significance as the second-oldest public housing development in the borough and one of the earliest in the city. The upcoming upgrades mark a major investment in preserving and modernizing affordable housing in the Bronx.
