Merchants Capital has secured $231 million in financing for the renovation of Eastchester Gardens, a New York City Housing Authority (NYCHA) Permanent Affordability Commitment Together (PACT) project located in The Bronx. The $391 million redevelopment spans 10 residential buildings and includes 877 housing units. Eastchester Gardens, one of the oldest public housing developments in New York City, will undergo a rehabilitation led by MDG Design + Construction, Infinite Horizons, and Wavecrest Management.
The financing package includes a $221.7 million, 30-year Freddie Mac CME permanent loan. All units will be reserved for households earning up to 60 percent of the area median income (AMI). Construction will leverage federal historic tax credits, as Eastchester Gardens will be listed on the National Register of Historic Places. Planned upgrades include heating and cooling systems, plumbing, LED lighting, electrical systems, kitchens and bathrooms, and improvements for ADA compliance. Enhancements to shared and outdoor spaces, as well as the Community and Senior Centers, are also part of the plan.
The PACT development team will work with resident leadership to rehabilitate all units and campus infrastructure. BronxWorks will provide new on-site supportive services, including case management, mental health referrals, benefits assistance, job training, and nutrition programs.
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