Merchants Capital announced that it provided more than $225 million in funding to support extensive refinancing and rehabilitation for a Union Avenue Consolidated project in Bronx, NY. The property will feature seven affordable housing developments, shared over 18 buildings with a total of 983 apartment units. Merchants Capital will use a Freddie Mac Capital Markets Execution Loan (CME) in the rehabilitation of the property. Merchants Capital will also use the funds to support updated heating infrastructure and the development of a social services program specific to the Union Avenue community. The property will include modernized and upgraded apartments but will maintain affordability to preserve tenants’ rights and protection.
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