Real Estate
Home›Real Estate›Residential›Goldman funds $116M loan to redevelop Syracuse afforda…
Goldman funds $116M loan to redevelop Syracuse affordable housing
The $269 million package includes $88.0 million in federal Low-Income Housing Tax Credits and $13.6 million in state credits for 393 affordable apartments.
Goldman Sachs has provided a $116 million construction loan to support the redevelopment of Parkside Commons, a Section 8-backed affordable housing complex on Syracuse's East Side, Commercial Observer reported.
The loan is part of an overall $269 million financing package led by BFC Partners and SAA Canopy Group. The redevelopment will produce 393 apartments designated as affordable through a mix of newly constructed and renovated units.
Commercial Observer said the financing plan also relies on federal and state Low-Income Housing Tax Credits, with $88.0 million in federal credits and $13.6 million in state credits.
Loan proceeds will be used to renovate six of the current buildings and build two new ones, enabling the teams to relocate residents from four older structures slated for demolition, according to the report.