**Merchants Capital Secures $231M for Eastchester Gardens Renovation in the Bronx**
Merchants Capital has secured $231 million in financing for the redevelopment of Eastchester Gardens, a historic public housing complex located in the Bronx. The funding supports a $391-million renovation project under the New York City Housing Authority’s Permanent Affordability Commitment Together (PACT) initiative.
Among the financing, a $221.7 million 30-year Freddie Mac Capital Markets Execution (CME) permanent loan was provided by Merchants Capital to support the rehabilitation efforts.
“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.
Eastchester Gardens, one of the oldest public housing developments in New York City and the second oldest in the Bronx, consists of 10 residential buildings. Under the PACT program, the partnership of MDG Design + Construction, Infinite Horizons, and Wavecrest Management will lead the comprehensive rehabilitation of the property. This includes renovations of all 887 units, shared community spaces, site grounds, and building infrastructure.
The renovation aims to preserve long-term affordability while improving quality of life for residents.
