NYCHA secured $231 million in financing to renovate the 877-unit Eastchester Gardens complex in the Bronx. Most of the 30-year funding comes from a $221.7 million Freddie Mac loan via Merchants Capital. The total $391 million renovation will be led by MDG Design + Construction, Infinite Horizons, and Wavecrest Management. Planned upgrades include new appliances, windows, radiators, and air conditioning. The complex is part of NYCHA’s PACT program and eligible for federal tax credits. The announcement comes as NYCHA faces scrutiny over high vacancy rates and slow unit turnover, with more than 8,600 apartments reportedly sitting empty.
877-unit Eastchester Gardens
