New York

THE BRONX, N.Y. — Construction is underway on the renovation of Eastchester Gardens in The Bronx. The redevelopment of the 10-building, 877-unit public-housing community, built in 1950, will be complete by approximately 2028. The total renovation cost is $391 million. Merchants Capital secured $231 million in financing, which includes a $221.7 million, 30-year Freddie Mac CME (Commercial Markets Execution) permanent loan. Merchants also provided approximately $9.3 million in additional financing, including a $23.8 million Fannie Mae tax-exempt bond credit, $18.7 million in 4 percent Low-Income Housing Tax Credit equity and …

NEW YORK CITY — IPA Capital Markets has closed a $720 million construction loan for a joint venture between Metro Loft Developers and David Werner Real Estate Investments for the development and conversion of the former Pfizer headquarters consisting of two adjacent and connected office buildings. According to media outlets, Metro Loft and David Werner also secured a $135 million acquisition loan earlier this year. The buildings are located at 219 and 235 East 42nd St. in the Midtown East neighborhood of Manhattan. Upon completion, the property will include 1,602 …

BROOKLYN, N.Y — Property Markets Group (PMG) opened Society Brooklyn in the Gowanus neighborhood on May 15. The two-tower, 21-story, mixed-use, mixed-income property spans 594,000 square feet and features 517 residential units, 25 percent of which are allocated as affordable housing. Society Brooklyn at Degraw’s affordable units are reserved for tenants earning between 40 and 100 percent of area median income (AMI). Units in the second tower, called Society Brooklyn at Sackett, are for tenants earning between 40 and 130 percent of AMI. MNS Real Estate is handling leasing. The exact …