Merchants Capital Provides $320 Million for Renovation of Affordable Complex in New York City

by Channing Hamilton

NEW YORK CITY — Merchants Capital has provided $320 million in financing for the renovation of Edenwald Houses, an affordable housing complex in The Bronx borough of New York City. The property was originally developed in the 1950s and is the second largest New York City Housing Authority property in the state. Edenwald Houses is currently home to more than 5,000 residents. Merchants Capital secured a New York Housing Development Corp. Freddie Mac Risk Share Loan on behalf of the property developer, Camber Property Group. The funds will be used over a four-year construction period to fully rehabilitate the community.

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