The New York City Housing Authority has secured $231 million in financing to renovate a 75-year-old housing complex in the Bronx, called Eastchester Gardens.
The bulk of the financing was provided by Merchants Capital through a $221.7 million Freddie Mac CME permanent loan. The term spans 30 years. The NYCHA received the funding through the Permanent Affordability Commitment Together (PACT) program. Moreover, Eastchester Gardens will be eligible for federal tax credits.
Eastchester Gardens, which was first delivered in 1950, serves as the second oldest existing public housing development in the Bronx and one of the oldest in all of New York City. The property consists of 10 residential buildings, offering a total of 877 units. Under the renovation, all of which will be set aside for those making 60 percent of the area's median income.
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The redevelopment will improve the property's community center, senior center, plumbing, heating and cooling systems, electric systems, kitchens, bathrooms, while adding new lighting and flooring. Also, the project plans to add community and outdoor spaces, offer new supportive services through a partnership with BronxWorks and abide by requirements under the Americans with Disabilities Act. In addition, "historic elements and the original campus design will be preserved," Merchants said.
The redevelopment efforts will be handled by MDG Design + Construction, Wavecrest Management and Infinite Horizons. The total project will cost $391 million.
“Infinite Horizons is proud to be part of PACT for Eastchester Gardens. “This endeavor, which will enhance the quality of life for nearly 2,000 residents across 877 units through extensive renovations, improved property management, and expanded social services, aligns closely with Infinite Horizons’ mission to preserve and expand affordable housing opportunities throughout the Bronx," said Infinite Horizons Co-Founder and Principal, Roland Powell Jr.
"We are excited to collaborate with tenant leadership, MDG and Wavecrest Management as our partners, as well as NYCHA, to bring this project to fruition. We believe this partnership highlights the power of cross-sector collaboration by positively impacting communities through these developments.”
The revitalization of Eastchester Gardens comes after NYC Mayor Eric Adams announced an agreement with Related Companies for phase two of a massive $32 billion mixed-use housing project, Hudson Yard West. The second portion of the project will include a total of 4,000 homes, with at least 625 getting designated as affordable.
For a city that's short an estimated hundreds of thousands of homes, the metro will take all the housing it can get.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
