Investment will support the acquisition and rehabilitation needs of Towne Gardens in Buffalo, New York

Mercy Community Capital (MCC) has purchased a $3,868,163 million portion of Housing Partnership Fund’s (HPF) $20.6 million loan to the National Housing Partnership Foundation (NHPF) and BFC Partners (BFC) to support the acquisition and rehabilitation needs of the Towne Gardens project in Buffalo, New York. Woodforest National Bank purchased three-quarters of the $20.6 million loan. MCC has previously provided one loan directly with NHPF, whose mission is to preserve safe, clean, service-enriched affordable housing that benefits communities. MCC has participated in one additional loan to NHPF and another to BFC Partners.

“MCC is excited to support these great companies and this important project,” said Sam Disman-Eager, Senior Loan Officer, Mercy Community Capital.

Towne Gardens is a 360-unit multi-family project, with 302 units supported by a Section 8 HAP contract. The property was foreclosed on in 2021 and has been held in receivership by Fannie Mae. The loan will support the acquisition of the property and provide financing to address property needs to bring all 360 units back online.

NHPF was founded in 1989 as a nonprofit that develops affordable housing and provides asset management and resident services. BFC Partners is a full-service real estate development firm founded in 1984 and based in Brooklyn, NY. It develops, owns, and manages permanently affordable, mixed-income, commercial, and market-rate housing.