Goldman Sachs has provided a construction loan of 116 million US dollars. This loan is part of a comprehensive financing package totalling 269 million US dollars, which will enable the transformation of Parkside Commons in Syracuse. The investment bank's Urban Investment Group was responsible for providing the loan to advance the redevelopment of the housing complex, which is supported by Section 8.
BFC Partners and SAA Canopy Group are responsible for developing the complex in Syracuse's East Side neighbourhood. The project comprises 393 flats, which are classified as affordable. These include both newly built units and extensively renovated existing homes.
Asahi Pompey, Chairman of the Urban Investment Group at Goldman Sachs, emphasised the project's importance in a statement: “Parkside Commons represents a significant investment, not just in preserving, but in creating affordable housing in Syracuse.” Goldman Sachs is proud “to partner with the State of New York, BFC Partners and SAA Canopy Group to deliver high-quality housing units that will serve Syracuse families for years to come.”
The entire 269 million US dollar financing package also includes federal grants and state Low-Income Housing Tax Credits, which are expected to generate 88 million US dollars and 13.6 million US dollars respectively. The remaining funds come from interest earnings on tax-exempt bond proceeds for the development, as well as interim project income generated during the construction phase, as announced by BFC.
BFC and SAA acquired the 15-acre property at 1901 East Fayette Street at the end of 2024. The complex, built in the mid-20th century and consisting of ten buildings, had previously faced significant safety and crime issues, as reported by the Syracuse Post-Standard. The loan proceeds will be used by BFC and SAA Canopy for the renovation of six existing buildings of the complex and the construction of two new buildings. The new structures will provide sufficient space to relocate all current residents of the four oldest buildings slated for demolition. The site of the demolished buildings will be used for additional housing in a later development phase.
Winthrop Wharton, Principal at BFC Partners, stated: “Parkside Commons is about to embark on a transformative new chapter, and we are proud to partner with New York State to deliver the substantial investment this community deserves.” He added that they will “modernise residents’ homes and create a safer, more vibrant community where families can thrive for generations.” Joseph Ferrara, Partner at BFC Partners, describes the first phase of Parkside Commons’ transformation as “an important step toward creating more affordable housing and expanding opportunities for the community.”
Connor Kenney, Co-Managing Partner of SAA Canopy Group, highlighted that “every current Parkside Commons resident will move into a new or fully renovated home without ever leaving their community—that’s what makes this project special.” He thanked New York Governor Kathy Hochul and New York Homes and Community Renewal for their partnership. Construction is expected to begin in September, with renovations on the six western buildings, comprising 200 flats, scheduled to be completed by early 2028. The two new four- and five-storey buildings with 193 units are expected to be ready for occupancy by the end of 2028.
