BFC, SAA Canopy Land $269M Financing for Syracuse Redevelopment
BFC Partners and SAA Canopy Group have closed on a $269-million construction loan to transform the long-standing Parkside Commons housing complex on Syracuse’s East Side. The project will deliver a total of 393 affordable apartments through a combination of renovated and newly constructed housing.
“Our mission at BFC is to create high-quality affordable housing that enhances the quality of life for the families who call our communities home,” said Winthrop Wharton, principal, BFC Partners. “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.”
The property currently consists of 10 buildings spanning Westmoreland and East Fayette Streets, and the loan will enable BFC Partners and SAA Canopy to simultaneously renovate six of these buildings and construct two new ones. The new buildings will provide enough space to relocate every current resident of the four oldest structures on the site, which will then be demolished. Once that land is cleared, it will become the site of additional housing in a later development phase.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout