Goldman Sachs Group Deploys $116M for Syracuse Affordable Housing Overhaul

Goldman Sachs has provided a $116 million construction loan as part of an overall $269 million financing package to facilitate the redevelopment of a long-standing Syracuse affordable housing complex, Commercial Observer can first report.

The investment bank’s Urban Investment Group provided the loan on BFC Partners and SAA Canopy Group’s transformation of the Parkside Commons Section 8-backed housing complex in Syracuse’s East Side neighborhood. The project will feature 393 apartments designated as affordable through a combination of newly constructed and renovated units.

“Parkside Commons represents a significant investment in not only the preservation but also the creation of affordable housing in Syracuse,” Asahi Pompey, chair of the Urban Investment Group at Goldman Sachs, said in a statement. “We are proud to partner with New York State, BFC Partners, and SAA Canopy Group to deliver quality homes that will serve Syracuse families for years to come.”

The $269 million financing package also includes federal and state Low-Income Housing Tax Credits slated to raise $88 million and $13.6 million, respectively. The remainder of the funds will derive from interest earnings on tax-exempt bond proceeds for the development and interim project income generated during construction, according to BFC. 

BFC and SAA acquired the 15-acre property on 1901 East Fayette Street in late 2024 from a partnership connected to developer Stephen Ross, the Syracuse Post-Standard reported at the time. The 10-building complex, constructed in the mid-20th century, had previously faced security and crime challenges, according to the Post-Standard. 

Loan proceeds will be used for BFC and SAA Canopy to renovate six of the current buildings at the complex and build two new ones, which will have enough space to relocate all current residents from the four oldest structures slated for demolition The site of the demolished buildings will later be used for additional housing in a later development phase.

“Parkside Commons is poised for a transformative new chapter and we are proud to partner with New York State to deliver the substantial investments this community deserves,” Winthrop Wharton, principal at BFC Partners, said in a statement. “We are modernizing residents’ homes, and creating a safer, more vibrant community where families can thrive for generations to come.” 

Joseph Ferrara, partner at BFC Partners, said in a statement that the first phase of the Parkside Commons redevelopment marks “an important step toward creating more affordable housing and expanding opportunities for the community.”

“Every current resident of Parkside Commons will move into a new or fully renovated home without ever leaving their community — that’s what makes this project special,” said 

Connor Kenney, co-managing partner of SAA Canopy Group, credited New York Gov. Kathy Hochul and New York Homes and Community Renewal “for their partnership” to get the project close to the finish line. 

Construction is expected to begin in September with renovations to the six western buildings, accounting for 200 apartments scheduled for completion by early 2028. The two new four- and five-story buildings encompassing 193 units are projected to be ready for occupancy by late 2028. 

“For decades, we’ve been building and preserving housing across New York state, and Parkside Commons reflects everything we’ve learned about doing it right — keeping residents rooted in their community while fundamentally upgrading the homes they live in,” David Alexander, co-managing partner of SAA Canopy Group, said in a statement. 

Andrew Coen can be reached at acoen@commercialobserver.com.