Merchants Capital’s New York office facilitated over $225 million financing for the NYCHA Permanent Affordability Commitment Together (PACT) Union Avenue Consolidated project. This initiative encompasses refinancing and refurbishment across seven properties in the Bronx, totaling 983 apartment units.
The funds, secured through a Freddie Mac Capital Markets Execution (CME) loan, will drive property refinancing and comprehensive unit upgrades, including kitchen enhancements, plumbing improvements, and common area maintenance. The project aims to modernize while maintaining permanent affordability and tenant rights.
Scheduled for completion by September 2025 and commenced in October 2023, this venture addresses capital needs, repair costs, and social service development tailored to the Union Avenue community. This financing adds to Merchants Capital’s $1 billion commitment to NYCHA PACT projects.