Genesis Secures $669M to Rehab Rangel Houses

The financing package will fund comprehensive renovations of the 984-unit public housing complex in Upper Manhattan.

Updated on Nov. 4, 2026 in Apartments

Genesis Secures $669M to Rehab Rangel Houses

Genesis Companies has secured $669 million in financing to rehabilitate Rangel Houses, a 984-unit public housing complex in New York City. Berkadia provided $219 million in Fannie Mae-backed first-mortgage debt for the project.

Why it matters

The deal blends public subsidies, tax credit equity and agency debt to modernize nearly 1,000 apartments while keeping them affordable for residents earning at or below 80 percent of area median income. It shows how large public housing campuses are being recapitalized through layered financing structures.

The $669 million package breaks down into $219 million in Fannie Mae-backed debt, $214 million in city development financing and $94.5 million in tax credit equity across 984 units. The Goldman Sachs tax credit investment amount remains undisclosed.

The players

Genesis Companies

Genesis Companies is the developer leading the rehabilitation of Rangel Houses and plans comprehensive renovations to nearly 1,000 apartments.

Berkadia

Berkadia is a commercial real estate finance firm that provided the $219 million Fannie Mae-backed first-mortgage debt for the project.

New York City Housing Authority

The New York City Housing Authority is the public agency that operates the city's public housing and contributed development financing to the project.

New York City Housing Development Corporation

The New York City Housing Development Corporation is the city's affordable housing finance agency that joined NYCHA in providing development financing.

Goldman Sachs

Goldman Sachs is the global investment bank that provided an undisclosed tax credit investment in the Rangel Houses project.

The details

Financing for Rangel Houses, located at 159-16 Harlem River Drive, combines Rental Assistance Demonstration debt with Section 18 programs to fund the rehabilitation. Berkadia's Matthew Baptiste and Heather Olson arranged the deal, which includes a 15-year Fannie Mae loan with five years of interest-only payments.

The complex opened in 1951 as an 11-acre public housing campus.
The financing package was reported on November 4, 2026.

Industry Dynamics

The Rangel Houses financing applies the Rental Assistance Demonstration framework to a 1951 public housing campus, extending a model used to recapitalize aging affordable housing stock. It reflects a broader pattern of layering public subsidies with private tax credit and agency debt to fund large-scale renovations.

For Rangel Houses residents, the rehabilitation means nearly 1,000 apartments will be modernized while rents remain tied to incomes at or below 80 percent of area median income. The project does not change eligibility or application rules for prospective tenants.

The takeaway

Layered financing from public agencies, tax credit investors and federal-backed lenders is what makes large public housing renovations possible. Residents and renters can track such projects through city housing agency announcements.