Updated Jun 16, 2025
New York City Housing Authority Secures $231 Million Loan From Freddie Mac For Multifamily Renovation
Adee Avenue
$231,000,000
Units
877
Asset Type
MultiFamily
Closing
Jun 13, 2025
About this deal
AI
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.
Players
Bronx MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93