Merchants Capital Provides $231M Financing for Eastchester Gardens Rehab

Merchants Capital secured $231 million in total financing for the renovation of Eastchester Gardens, a $391-million New York City Housing Authority Permanent Affordability Commitment Together (PACT) project that spans 10 residential buildings in the Bronx. Eastchester Gardens is one of the oldest public housing developments in New York City and the second oldest in the borough.

Among the financing Merchants Capital secured was a $221.7-million 30-year Freddie Mac CME permanent loan it provided for the development.

“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 is being developed by the PACT partner team of MDG Design + Construction, Infinite Horizons and Wavecrest Management. The partners will address the capital needs of the development and fully rehabilitate all 887 apartments, shared spaces, grounds and building infrastructure.