Real Estate
Home›Real Estate›Residential›Goldman funds $116M construction loan for Syracuse aff…
Goldman funds $116M construction loan for Syracuse affordable housing overhaul
The $269 million financing package includes $88 million in federal Low-Income Housing Tax Credits and $13.6 million in state credits, aimed at creating 393 affordable apartments.
Goldman Sachs has provided a $116 million construction loan to support the redevelopment of Parkside Commons, a long-standing Section 8-backed affordable housing complex on Syracuse's East Side, Commercial Observer reports. The loan is part of a larger $269 million financing package led through Goldman Sachs' Urban Investment Group.
The project, being carried out by BFC Partners and SAA Canopy Group, will produce 393 apartments designated as affordable through a mix of newly constructed and renovated units. The complex is located at 1901 East Fayette Street and spans 15 acres.
Commercial Observer reports that the financing package also relies on Low-Income Housing Tax Credits, with $88 million slated to come from federal credits and $13.6 million from state credits. The remainder of the funds is expected to come from interest earnings on tax-exempt bond proceeds and interim project income generated during construction.
According to the article, loan proceeds will be used to renovate six of the current buildings and construct two new ones, with enough capacity to relocate all current residents from the four oldest structures planned for demolition. Commercial Observer also notes the demolished sites are intended for additional housing in a later development phase.