Merchants Capital announced that it provided more than $320 million in financing to support comprehensive renovations at Edenwald Houses in Bronx, NY. The second largest New York City Housing Authority property in the state and the largest in the Bronx; Edenwald Houses dates to the 1950s and currently provides affordable housing to more than 5,000 residents. Merchants Capital secured a $320 million New York Housing Development Corporation (NYHDC) Freddie Mac Risk Share Loan for the renovation. These funds will support an intensive, four-year construction period to fully rehabilitate the property.
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