SYRACUSE, N.Y. — BFC Partners and SAA Canopy Group have obtained $269 in financing for the redevelopment of the Parkside Commons housing complex in Syracuse. The developers will deliver 393 affordable apartments via renovated and newly constructed units. Rent restrictions were not disclosed
The property currently consists of 10 buildings. With this construction financing, the development team will renovate six of those buildings and construct two new ones. Existing tenants who live in the four oldest structures, which eventually will be demolished, will relocate to the two new buildings.
Financing of the $269 million project includes federal and state Low-Income Housing Tax Credits, which are expected to raise $88 million and $13.6 million respectively through sale to investors. The remainder of the financing is provided through a $116 million construction loan from the Urban Investment Group at Goldman Sachs.
Construction is expected to begin in September. Renovations to the six buildings, accounting for 200 apartments, are slated for completion by early 2028. At the corner of Westmoreland and East Fayette streets, two new structures, four and five stories tall, totaling 193 units, are expected to be ready for occupancy by late 2028.