NEW YORK CITY — Merchants Capital has provided $129.1 million in financing for the New York City Housing Authority’s $419.6 million renovation of Boston Road Plaza, Boston Secor and Middletown Plaza (BBM) in the East Bronx. The three communities total 952 apartments across six residential buildings.
The Bronx Revitalization Collaborative (BRC), a joint venture between Beacon Communities, Kalel Cos. and MBD Community Housing Corp., is leading the renovations. The project is currently underway and is slated for completion in 2026.
Units will receive improvements to bathrooms and kitchens, as well as new doors, flooring and paint. Additionally, all three properties will receive new roofs, modernized elevators, free Wi-Fi and upgrades to electrical, heating, cooling, plumbing and ventilation systems. The grounds will be restored with landscaping, concrete pavement, new seating areas, bike racks, walking paths and playgrounds.
Once renovations are complete, the BBM properties will transition to the U.S. Department of Housing and Urban Development (HUD) Section 8 program as part of HUD’s Rental Assistance Demonstration conversion program.
Merchants Capital provided a New York Housing Development Corp. Freddie Mac Risk Share Loan to support the renovations under the Permanent Affordability Commitment Together (PACT) program. Merchants Capital has provided about $2 billion in financing towards 9,000 units as part of PACT projects throughout New York City.