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Affordable housing financing / NEWS

Nostrand Houses Modernization Includes $185 Million Loan

The loan supports a $607 million rehabilitation of the Brooklyn public housing development, where construction began in October.

Capital MarketsNovember 10, 2026 · 2 min read
A sidewalk lined with brick apartment buildings, bare trees and parked cars near NYCHA Sheepshead Houses.
An archival view of a sidewalk near NYCHA Sheepshead Houses in Brooklyn, used for illustration. Archival illustrative photograph; not presented as the specific property in this report. Photo: GK tramrunner RU / Wikimedia Commons · CC BY-SA 4.0. Commons resize where applicable; CSS display crop. Adapted display remains under CC BY-SA 4.0.

Financing and construction

Merchants Capital structured a $185 million taxable loan for the modernization of Nostrand Houses in Brooklyn’s Sheepshead Bay neighborhood, according to Multifamily & Affordable Housing Business. The loan is part of a broader $607 million project to rehabilitate the public housing development’s 1,148 apartments. Merchants Capital Structures $185M Loan for $607M Brooklyn Affordable Housing Redevelopment - Multif; Mayor Mamdani, NYCHA and the Public Housing Preservation Trust Announce $607 Million Modernization a

REBusinessOnline reported that Merchants Bank provided the loan and that the AFL-CIO Housing Investment Trust contributed $50 million as co-lender. The city said the overall modernization financing closed on September 29, 2026. Its announcement did not separately establish a closing date for the $185 million loan. Merchants Capital Arranges $185M in Financing for Brooklyn Affordable Housing Community - REBusiness; Mayor Mamdani, NYCHA and the Public Housing Preservation Trust Announce $607 Million Modernization a

Construction began in October and is targeted for completion in 2031, Multifamily & Affordable Housing Business reported. The work will proceed in six phases across 16 residential buildings. Residents will be temporarily relocated during renovations, with affected households expected to be away from their apartments for approximately nine months. Merchants Capital Structures $185M Loan for $607M Brooklyn Affordable Housing Redevelopment - Multif

Public housing conversion

The city identified Nostrand Houses as the first project to reach financial closing through the New York City Public Housing Preservation Trust. Residents voted to join the Trust in December 2023. The city said the property will remain public, with permanently affordable rents, and the New York City Housing Authority will continue to manage it. Mayor Mamdani, NYCHA and the Public Housing Preservation Trust Announce $607 Million Modernization a

The property is moving from Section 9 public housing subsidies to project-based Section 8 assistance, according to Multifamily & Affordable Housing Business. The city said the conversion, paired with a long-term ground lease between NYCHA and the Trust, unlocks a federal operating subsidy worth approximately twice the amount NYCHA currently receives for the development. Merchants Capital Structures $185M Loan for $607M Brooklyn Affordable Housing Redevelopment - Multif; Mayor Mamdani, NYCHA and the Public Housing Preservation Trust Announce $607 Million Modernization a

financingaffordable housingpublic housingrehabilitationNYCHABrooklyn