Bronx’s Eastchester Gardens Lands $231M Financing for Complete Renovation

Eastchester Gardens in the Bronx is one of the oldest public housing developments in New York, and is listed on the National Register of Historic Places. Now, thanks to some recently acquired financing, the complex is about to look a whole lot newer.

The New York City Housing Authority (NYCHA) has secured $231 million toward a complete renovation of the 75-year-old complex, according to GlobeSt. The majority of the 30-year funding was provided by Merchants Capital, including $221.7 million through a Freddie Mac Capital Markets Execution (CME) permanent loan.

The complex consists of 10 residential buildings, a senior center and a community center. It is part of NYCHA’s Permanent Affordability Commitment Together (PACT) program, which is funded through the federal project-based Section 8. It is through this program that Eastchester Gardens’ 877 apartments, which house 1,850 residents, will enjoy a total of $391 million in renovations. The complex will also be eligible for federal tax credits.

According to NYCHA, the renovations will be extensive, covering the apartments themselves and the complex’s common areas, and will be handled by MDG Design + Construction, Infinite Horizons, and property manager Wavecrest Management.

“Bronxites in Eastchester, a working-class neighborhood with a rich history spanning generations, deserve modern, updated homes where they can raise their families and age gracefully in place,” Adolfo Carrión, deputy mayor for housing, economic development, and workforce, said in a statement. “Through this PACT project, residents played a key role in designing their future homes where generations of New Yorkers will live. With this collaboration between residents, NYCHA and the PACT partner team, units will receive a suite of new upgrades, such as new radiators, air conditioning, appliances, windows and other building improvements, delivering residents the quality of life they deserve.”

Expanding on this, the NYCHA statement noted that every apartment at Eastchester Gardens will receive “new windows, flooring, appliances, hydronic radiators, hard-wired carbon monoxide and smoke detectors, and in-window air-conditioning units, in addition to fresh paint and enhanced, energy-efficient lighting.”

The apartments will also be fitted with renovated bathrooms and kitchens and in-unit, ventless washer-dryer combos. There will also be extensive repairs to the building, including the facade, ventilation systems, elevators and entrance, and the renovation will even provide free high-speed internet to all tenants. Renovations are expected to be completed by the end of 2028.

Larry Getlen can be reached at lgetlen@commercialobserver.com