Berkadia Arranges $219 Million Fannie Mae Financing for Rangel Houses Rehabilitation in New York City
New York, New York — November 4, 2026 — Berkadia, a distinguished leader in the commercial real estate sector, announced today the closing of a $219 million Fannie Mae permanent loan to support the substantial rehabilitation of Rangel Houses, a 984-unit affordable housing multifamily community in New York City.
In partnership with the New York City Housing Authority (NYCHA), the New York City Housing Development Corporation (HDC), and Goldman Sachs, the financing was completed under NYCHA’s Permanent Affordability Commitment Together (PACT) program.
The $669 million capital structure includes the $219 million Fannie Mae first mortgage loan, approximately $214 million in New York City subsidy, and $94.5 million in federal and state historic tax credit equity. Goldman Sachs served as the historic tax credit investor.
Managing Directors Matthew Baptiste and Heather Olson of Berkadia Affordable Housing arranged the financing on behalf of Genesis Companies.
“We are proud to support the shared commitment to preserving affordable housing in New York City. Transactions like Rangel Houses require a highly coordinated capital structure that combines public subsidies, tax credit equity and agency financing,” said Baptiste. “We value the opportunity to help drive meaningful reinvestment in the community and make a lasting difference for current and future residents.”
The Fannie Mae loan features a 15-year permanent term, five years of interest-only payments, and a 40-year amortization schedule. The financing will support the preservation and substantial rehabilitation of 100% fully subsidized housing through a blend of Rental Assistance Demonstration (RAD) and Section 18 programs. The property is subject to long-term affordability protections, with all units serving households earning at or below 80% of area median income; 954 units are designated for very low-income residents.
“This closing represents years of work to bring together the resources and partners needed to make a transformative investment in Rangel Houses,” said Karim Hutson, President and CEO of Genesis Companies. “With this financing in place, we can move forward with comprehensive renovations that will modernize nearly 1,000 homes and preserve an important source of affordable housing in Harlem. We’re grateful to our partners, Berkadia, NYCHA, CLOTH, Goldman Sachs, and the entire project team for their partnership in helping us reach this milestone.”
“With the current volatility in the interest rate markets, Berkadia, in partnership with Fannie Mae, structured a creative financing plan that ensured the permanent loan proceeds were kept intact. These dollars were critical to funding the substantial rehab at Rangel Houses,” shared Olson.
Located at 159-16 Harlem River Drive in Manhattan, Rangel Houses is an 11-acre public housing campus originally built in 1951 as Colonial Park Houses. The community was renamed in 1977 in honor of tenant association president Ralph J. Rangel. The development comprises eight high-rise elevator buildings containing 984 apartments that are home to more than 1,800 residents. Community amenities include playgrounds and open space, commercial space, a senior center, a daycare center, and a youth center.
Berkadia Affordable Housing is a fully integrated financial services platform comprised of mortgage banking, investment sales, and tax credit syndication that delivers comprehensive investment solutions to clients across the country and distinguishes itself by pairing deep technical expertise and a wide array of product offerings with the drive and focus necessary to help clients grow their business.
Berkadia Provides $219M to Rehab Rangel Houses in New York City | Commercial Observer