Merchants Capital, a leading financial institution in New York, has successfully facilitated financing of over $225 million for the NYCHA Permanent Affordability Commitment Together (PACT) Union Avenue Consolidated project. This groundbreaking initiative involves refinancing and renovation of seven properties located in the Bronx, comprising a total of 983 apartment units.
Through securing funds from Freddie Mac’s Capital Markets Execution (CME) loan program, Merchants Capital aims to drive property refinancing and implement comprehensive upgrades to individual units such as kitchen enhancements, plumbing improvements and maintenance of common areas. The primary objective is to modernize these properties while ensuring permanent affordability for tenants and safeguarding their rights.
The venture is scheduled for completion by September 2025 with work commencing in October 2023. It will address crucial capital needs including repair costs as well as social service development tailored specifically towards the Union Avenue community. This significant financing adds on to Merchants Capital’s commitment of $1 billion towards NYCHA PACT projects.
This latest achievement further solidifies Merchants Capital’s reputation as an expert financial partner dedicated to revitalizing historic properties within New York City without compromising on affordability or tenant welfare.
