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In a sweeping housing move, the Bowery Residents Committee Inc. (BRC) announced Wednesday it has officially acquired a trio of Bronx apartment buildings long used to house formerly homeless families. Backed by a $142 million capital stack, the nonprofit is taking ownership and steering the complex into a new chapter of renewal.

The purchase covers 1097 Walton Ave., 1177 Walton Ave., and 1245 Findlay Ave., bought for $33.1 million from the Neighborhood Renewal Housing Development Fund. BRC had been managing the multifamily buildings since 2021.

“With the completion of the sale, BRC has now taken full title of the buildings and will begin major renovations,” the group said.

Renovations and Renewed Hope

BRC said it plans a sweeping modernization effort—upgrading energy efficiency, tackling critical repairs neglected by prior owners, and redesigning the complexes to better serve residents. Renovations are expected to be finished by 2028, reshaping the housing landscape for hundreds of Bronx families.

Of the 189 units, 151 are reserved for formerly homeless families, underscoring BRC’s mission to provide stability and dignity to vulnerable New Yorkers.

Financing the $142M Bronx Apartment Deal

The $142 million financing package came from multiple sources. Citibank led the charge with $108.9 million, while the New York City Department of Housing Preservation and Development (HPD) contributed $30.9 million. Merchants Capital Corp. rounded out the funding with a $2.25 million Freddie Mac loan, according to county filings released Friday.

Legal Teams Behind the Transaction

The legal heavy lifting reflected the scope of the deal. BRC was represented by Juan C. Restrepo of Richter Restrepo PLLC. Merchants Capital Corp. turned to Toni S. Jordan of Blank Rome LLP, while NYC HPD was advised in-house by its Office of Legal Affairs.