Berkadia arranged $219 million in financing to rehabilitate Rangel Houses, a New York City Housing Authority development in Harlem, according to Commercial Observer, which first reported the deal.
The RFI Wire could not independently confirm deal terms through a primary filing as of publication; the agency's PACT program, which converts NYCHA developments to private management under Section 8, has financed similar rehabs at other Manhattan and Brooklyn campuses this year, including Nostrand Houses in Sheepshead Bay.
Rangel Houses, built in the 1970s, is one of the city's older public housing campuses still awaiting a comprehensive mechanical and envelope overhaul. A $219 million number in a PACT deal typically covers roof replacement, boiler and riser work, elevator modernization, kitchen and bath gut renovations, and facade repair across multiple buildings — the same scope categories that have shown up in NYCHA's other recent conversions.
For GCs and subs chasing NYCHA PACT work, financing closes are the real green light — not the original RAD/PACT announcement. A closed loan means the developer partner is now staffing a bid list for the trade packages: mechanical, electrical, elevator, and envelope work typically go out within three to six months of a financing close on comparable NYCHA rehabs.
The RFI Wire's bid board has tracked plumbing, elevator, and electrical packages tied to NYCHA PACT conversions citywide this fall, including the recently financed Nostrand Houses job. Rangel Houses belongs in the same watch list.