BFC Partners and SAA Canopy Group Secure $269M Loan for Parkside Commons Renovation in Syracuse
BFC Partners and SAA Canopy Group have secured a $269 million construction loan to renovate the Parkside Commons housing complex on Syracuse's East Side. The project will deliver 393 affordable apartments through renovations of six existing buildings and new construction, with plans for future development phases once older structures are demolished. The initiative is backed by New York State Homes and Community Renewal and includes a mix of federal and state Low-Income Housing Tax Credits totaling $101.6 million along with low-interest loans and subsidies. The partners aim to modernize the housing stock, improve living conditions for residents, and revitalize the neighborhood. Construction is set to begin in September 2026, with renovations of six buildings expected by early 2028 and new construction units ready by late 2028.
Topics: construction loan housing development urban revitalization