Category: News
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Mayor Bloomberg, CPC & Citi Launch $40 Million Storm Recovery Loan Fund for Multifamily Residential Buildings
New York Real Estate Journal December 21, 2012 New York, NY Mayor Michael Bloomberg, Director of Housing Recovery Operations Brad Gair, New York City Department of Housing Preservation and Development Commissioner Mathew Wambua, New York City Housing Development Corporation President Marc Jahr, The Community Preservation Corporation President and CEO Rafael Cestero, and Citi Community Capital…
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Community Preservation Corp. Refinances Mortgage on 156-unit Apartment Complex in Syracuse
The Post-Standard December 10, 2012 The Community Preservation Corp. has provided a $5.48 million loan to refinance a mortgage on the Remington Gardens apartment complex in Syracuse. “Refinancing Remington Gardens’ mortgage with a $5.475 million Freddie Mac loan not only continues our successful partnership with its developer, Cosimo Zavaglia, but also helps CPC to provide…
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Rehabilitation Complete on Cow Bay Apartments in Port Washington, N.Y
Multi-Housing News October 29, 2012 Port Washington, N.Y.—A celebration was held October 16 to mark completion of the $7.8 million rehabilitation of Cow Bay Apartments, an 88-unit affordable housing community in Port Washington, N.Y., on Long Island’s North Shore. A number of state and local officials were on hand to help unveil the rehabilitated property…
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Ramapo Gets a Revamp: New Retail & Housing Developments Attempt to Revitalize Spring Valley
The Wall Street Journal October 15, 2012 Like dozens of small cities and villages throughout the New York region, Spring Valley lost its vibrant downtown because of competition from suburban shopping malls. “There were fabulous stores, clothing stores, a fish store, a movie cinema and great restaurants that people are still talking about today,” says…
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Ribbon Cut at Crown Heights Supportive Housing
The Brooklyn Daily Eagle October 2, 2012 Officials cut the ribbon on Friday for a new affordable and supportive housing development in Crown Heights. The 90-unit complex, at 805 East New York Ave., to be known as the Concern Heights Apartments, is a project of Concern For Independent Living, a nonprofit provider of supportive…
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CPC, Jonah Mandelbaum & Occupations, Inc. close $7.95M loan to Develop Sunrise Apartments
New York Real Estate Journal September 25, 2012 Wallkill, NY The Community Preservation Corp. (CPC), Jonah Mandelbaum, and Occupations, Inc. closed a $7.95 million loan to develop Sunrise Apartments, a 79-unit complex in the Scotchtown section. The complex will house families and individuals with developmental and physical disabilities, and provide access to support and employment…
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NHW Syracuse Begins Demolition on Pike Block Project in Syracuse
New York Real Estate Journal September 11 – 17, 2012 Syracuse, NY Demolition began recently at The Pike Block Project, one of the area’s latest flagship developments in progress. Scheduled for completion in 2013, the Pike Block will feature 78 new market-rate residential units and 25,000 s/f of retail space, bringing new life to downtown.…
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Phase II of Winner’s Circle at Saratoga Complete Thanks to $13M Freddie Mac Loan
MHNOnline August 30, 2012 Ballston Spa, N.Y.—The Community Preservation Corporation (CPC) has closed on a $13 million Freddie Mac construction loan to refinance the recently completed Phase II of the Winner’s Circle at Saratoga apartment complex. “It’s a really terrific property and terrific market as Saratoga County has grown over 20 percent in population in…
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Affordable Housing for Special Needs People Coming to Wallkill, N.Y.
Multi-Housing News Online Aug. 3, 2012 Wallkill, N.Y.—The Community Preservation Corporation (CPC), a not-for-profit mortgage lender financing multifamily development throughout New York, has closed on a $7.95 million construction loan to develop Sunrise Apartments in the town of Wallkill, N.Y. The 79-unit complex, located in Wallkill’s Scotchtown neighborhood, will provide housing and access to supportive…
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Affordable Housing Units To Be Built Following $7.95M Deal
Hudson Valley Press August 1, 2012 WALLKILL – CPC, Jonah Mandelbaum & Occupations, Inc. announced today the closing of a $7.95 million loan to develop Sunrise Apartments, a 79-unit complex in the Scotchtown section of the Town of Wallkill. The complex will house families and individuals with developmental and physical disabilities, and provide access to…
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HPD, CPCR & East Brooklyn Congregations Celebrate New Affordable Housing
New York Nonprofit Press July 16, 2012 The Community Preservation Corporation Resources (CPCR) and East Brooklyn Congregations (EBC) celebrated the completion of Madison Putnam, a new $15.3 million, 48-unit affordable housing development for low-income families in the Bedford-Stuyvesant section of Brooklyn last Thursday. This project was completed with financial support from the New York City…
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CPC Honored by Preservation Association of Central NY for Financing Historic Rehab Projects
New York Real Estate Journal July 17, 2012 Syracuse, NY The Preservation Association of Central New York (PACNY) honored The Community Preservation Corp. (CPC) recently with a Preservation Merit Award at the 2012 PACNY Awards. CPC was honored for its commitment to financing historic rehabilitation projects throughout Central New York. The annual PACNY Awards celebrate…
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Loan to Aid Turning the Academy Building Into Apartments
July 12, 2012 The Rochester Business Journal July 10, 2012 The Community Preservation Corp., the State of New York Mortgage Agency and Fitzhugh Associates LLC announced Tuesday the closing of a $3.7 million loan to develop the Academy Building into 21 upscale apartments. The 140-year-old historic property was the site of Rochester’s first public high…
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CPC Provides $1 Million Permanent Loan for Mixed-Use East Village Lofts
May 22, 2012 The New York Real Estate Journal May 22, 2012 Buffalo, NY Continuing its commitment to provide financing for affordable multifamily housing, The Community Preservation Corp. (CPC) has closed on a $1 million permanent loan for East Village Lofts, a newly renovated mixed-use building featuring 42 low-income apartments and 4,000 s/f of commercial…
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The Community Preservation Corporation Announces Changes to its Executive Team
May 01, 2012 Multi-Housing News May 1, 2012 New York—The Community Preservation Corporation (CPC), a non-profit lender for affordable housing throughout New York State, announced the following changes to its executive staff: Miriam Kulnis has joined CPC as Chief Risk Officer. She will be responsible for the overall management of the Special Assets Group and…
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Understanding Planned Changes for NYC Multi-family Buildings
April 04, 2012 Real Estate Weekly March 28, 2012 By Andrew Giglio, Benchmarking Specialist, CPC Since unveiling his Greener, Greater Buildings Plan on Earth Day 2009, New York City Mayor Michael Bloomberg has been hailed for creating an innovative blueprint for groundbreaking sustainability. The core of the plan concentrates on a thorough set of efficiency…
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CPC Strikes New Deal to Expand Lending Capabilities
March 22, 2012 Real Estate Weekly March 15, 2012 The Community Preservation Corporation (CPC) has struck a deal to extend its credit facility with its member banks that will lead to $70 million in direct lending to small and mid-size builders. The move should allow the veteran affordable housing lender to help create of preserve…
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New Credit to Finance up to 5,000 Affordable Apts.
March 12, 2012 In announcing the new push, Community Preservation Corp. names an 81-unit, four-building rental complex in the Morrisania section of the Bronx as its first beneficiary. Crain’s New York Business March 9, 2012 Community Preservation Corp. announced late Thursday that it will be able to help finance the creation or preservation of nearly…
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CPC Closes on $9 Million Loan for Franklin View Apartments in Syracuse
New York Real Estate Journal February 28, 2012 Syracuse, NY – Continuing a trend of Freddie Mac financing for new residential and mixed-use development, The Community Preservation Corporation (CPC) has closed on a $9 million loan for Franklin View Apartments, a former mill building that was transformed into a mixed-use complex of rental apartments and…
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New Head of CPC
January 13, 2012 Cityfeet.com January 13, 2012 Friday, January 13, 2012 – Rafael E. Cestero, former Commissioner of the New York City Department of Housing Preservation and Development, has been named President and CEO of the non-profit organization Community Preservation Corporation and its for-profit development subsidiary, CPC Resources. Cestero, succeeds Michael Lappin, who announced…
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Rafael E. Cestero Named President & CEO of The Community Preservation Corporation
January 10, 2012 Career Leader in Affordable Housing in Both Public and Private Sectors Will Succeed Michael Lappin Rafael E. Cestero, former Commissioner of the New York City Department of Housing Preservation and Development, has been named by the Community Preservation Corporation (CPC) Board of Directors to serve as President and CEO of the non-profit…