Real Estate
Home›Real Estate›Residential›BFC Partners and SAA Canopy secure $269M loan for Syra…
BFC Partners and SAA Canopy secure $269M loan for Syracuse affordable housing
The project targets 393 affordable apartments by renovating six existing buildings and constructing two new ones.
BFC Partners and SAA Canopy Group have closed on a $269-million construction loan to redevelop Parkside Commons on Syracuse’s East Side, according to ConnectCRE.
The redevelopment is designed to produce 393 affordable apartments, using a mix of renovations and new construction at the property, which currently spans 10 buildings on Westmoreland and East Fayette Streets.
ConnectCRE says the financing will allow the teams to renovate six buildings and construct two new ones, and that the new buildings will provide space to relocate residents from the four oldest structures before those buildings are demolished.
Once cleared, ConnectCRE reports the land will be used for additional housing in a later development phase.