“NYCHA Projects in East Bronx Receive $129M Funding from Merchants Capital”

"NYCHA Projects in East Bronx Receive $129M Funding from Merchants Capital"

Merchants Capital has contributed $129.1 million in financing for the renovation of three housing developments and six residential buildings in the East Bronx, known as Boston Road Plaza, Boston Secor, and Middletown Plaza (BBM). The total cost of this project is $419.6 million and will include 952 units.

This funding was made possible through a New York Housing Development Corporation Freddie Mac Risk Share Loan under the Permanent Affordability Commitment Together (PACT) program. Merchants Capital has been a key contributor to PACT projects throughout New York City, providing approximately $2 billion towards 9,000 units.

According to Mat Wambua, vice chairman at Merchants Capital: “Our commitment to supporting affordable housing in New York City continues with these renovations that will have a positive impact on local neighborhoods.” He also expressed appreciation for being able to work alongside their PACT partners once again who share their dedication towards making a difference.

Overall, this investment by Merchants Capital will not only improve living conditions for residents but also contribute positively towards community development in the Bronx area.

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