New York City Housing Authority Secures $231 Million Loan From Freddie Mac For Multifamily Renovation

Adee Avenue is located in the Bronx and is classified as a multifamily asset. The property is associated with the New York City Housing Authority and is part of a renovation initiative aimed at improving public housing facilities.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $231,000,000
• Lender: Freddie Mac
• Landlord: New York City Housing Authority
• Note: NYCHA secured $231M through its PACT program to renovate Eastchester Gardens, a 10-building, 877-unit public housing complex in the Bronx, with $221.7M coming via a 30-year Freddie Mac loan arranged by Merchants Capital.

The deal highlights the involvement of Freddie Mac as the lender in this significant financing arrangement and Merchants Capital's role in arranging the loan for NYCHA, emphasizing the collaborative effort in facilitating the renovation of Eastchester Gardens.