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Goldman Sachs Group Deploys $116M for Syracuse Affordable Housing Overhaul
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Commercial Observer
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.
“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.