BFC Partners and SAA Canopy Group have closed a $269 million construction loan to redevelop Parkside Commons, a long-standing affordable housing complex on Syracuse’s East Side. The financing will fund the renovation and partial rebuild of the 10-building property, delivering 393 affordable apartments once construction wraps.
Construction is set to begin in September, with the project moving forward under a financing package arranged through New York State Homes and Community Renewal (HCR), the state’s affordable housing agency.
Renovation and new construction proceed simultaneously
Parkside Commons currently spans 10 buildings along Westmoreland and East Fayette Streets. The developers will renovate six of those buildings — accounting for 200 apartments — while constructing two new structures at the corner of Westmoreland and East Fayette. The new buildings, four and five stories tall, will add 193 units and will hold enough capacity to rehouse every resident currently living in the four oldest buildings on site.
Crews will demolish those four older structures once residents relocate into the new construction, freeing up land that BFC Partners and SAA Canopy plan to develop in a later phase, in coordination with city planners and the local community. That process will begin once the current phase of construction is underway.
Developers target early 2028 for completion of the renovated buildings, with the two new buildings ready for occupancy by late 2028.
A phased approach designed to avoid displacement
The developers structured the project specifically so no resident has to leave the neighborhood during construction — new units come online before older buildings are torn down. “Every current resident of Parkside Commons will move into a new or fully renovated home without ever leaving their community,” said Connor Kenney, co-managing partner of SAA Canopy Group, calling the sequencing central to what makes the project work.
David Alexander, co-managing partner of SAA Canopy Group, said the redevelopment reflects the firm’s approach to preserving and building housing across New York State — modernizing existing homes while keeping residents rooted in their community and maintaining affordability.
Financing draws on state and private capital
The $269 million project blends public subsidy with private investment. HCR’s package includes federal and state Low-Income Housing Tax Credits, projected to generate $88 million and $13.6 million respectively through investor sales, along with additional low-interest loans and subsidies. A $116 million construction loan from the Urban Investment Group at Goldman Sachs, interim project income during construction, and interest earnings on tax-exempt bond proceeds round out the capital stack.
Asahi Pompey, chair of the Urban Investment Group at Goldman Sachs, said the investment supports both the preservation and creation of affordable housing in Syracuse.
HCR Commissioner RuthAnne Visnauskas framed the deal as part of the state’s broader affordability push under Governor Kathy Hochul, noting the financing will preserve a significant share of Syracuse’s affordable housing stock while adding two new buildings to the property.
Syracuse Mayor Sharon F. Owens and Syracuse Common Council President Pro Tempore Jimmy Monto both pointed to the project’s role in addressing longstanding demand for safe, affordable housing on the city’s East Side.
Transit access along East Fayette Street
Parkside Commons sits directly on Centro’s SY 68 bus route, which connects the East Side to Downtown Syracuse’s Transit Hub and points east along Erie Boulevard — a factor likely to matter for residents relocating within the same neighborhood during construction.
Parkside Commons’ closing comes as New York State continues rolling out financing for affordable and mixed-income housing statewide, including a separate deal in Westchester County that closed under HCR’s newer Housing Acceleration Fund — North White Plains, a $178 million transit-oriented development in the city of White Plains.
Project factsheet: Parkside Commons Affordable Housing
- Location: Westmoreland and East Fayette Streets, Syracuse’s East Side
- Total cost: $269 million
- Total units: 393 affordable apartments
- Renovated units: 200 (six buildings), targeted for early 2028
- New-construction units: 193 (two buildings, four and five stories), targeted for late 2028
- Construction start: September 2026
- Developers: BFC Partners, SAA Canopy Group
- Key financing: HCR-backed federal and state LIHTC ($88M / $13.6M), $116M construction loan from Goldman Sachs’ Urban Investment Group
- Transit access: Centro SY 68 bus line
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