At a time when New York City is experiencing unprecedented growth, new market pressures on the cost and demand for housing are driving change in neighborhoods across the city. In the face of these challenges, CPC’s commitment to investing in the preservation of affordable housing is stronger than ever. As the rehabilitation of 314 Troutman Street demonstrates, in today’s New York, economic development and the preservation of affordable multifamily housing go hand in hand.

Located in the heart of Bushwick, this three-story, six-unit building had endured years of neglect plus a fire that rendered the top two units uninhabitable, before Ridgewood Bushwick Senior Citizens Council (RBSCC) acquired it from the U.S. Department of Housing and Urban Development (HUD) in 2012. In the interim, CPC partnered with HPD to craft a financing package that would make economic sense while enabling RBSCC to make renovations to the building, including significant structural work, the replacement of all major systems, and the installation of all new windows and roofing.

“CPC shares our belief that restoring small multifamily housing and preserving their affordability in neighborhoods across New York is a win-win for the community,” said Scott Short, Assistant Director, Business Development and Real Estate at RBSCC. “Because they’ll champion projects like 314 Troutman Street, six units of affordable housing will be restored and six families will have safe, quality housing to once again call home.”

CPC provided a $12 million construction loan through partnership with HPD to support the gut-rehabilitation of ten small buildings, including 27 Granite Street, as well as the new construction of one building. The project also benefited from Low Income Housing Tax Credit (LIHTC) funds. When the renovation and construction work is complete the portfolio will consist of 11 buildings totaling 46 residential units and two commercial spaces; all residential units will be affordable to tenants at or below 60% Area Median Income (AMI)

The borrower, a local real estate investor with more than 25 years of experience developing, owning and managing properties in New York City, used Freddie Mac’s SBL product to secure a $2.2 million permanent loan to refinance this eight-unit building. 96 Diamond Street is located in a diverse and growing neighborhood which is ideally situated near a number of local amenities, major thoroughfares and public transit options.

New Rochelle has a comprehensive plan to reshape its aging downtown area. Part of this transformation is being driven by the Burling Lane Triangle, a three-street transit-oriented development (TOD) project that is being developed by ELD Properties, a longtime partner of CPC.

One anchor to the triangle is 48 Burling Lane, which is within walking distance of New Rochelle’s Downtown District, the Metro-North train station, and Montefiore New Rochelle Hospital. This recently completed 40-unit mid-rise apartment building serves the community’s need for market-rate workforce housing geared toward residents looking for a walkable urban community.

“48 Burling Lane now stands on a site that had been largely vacant for two decades until we bought the property in 2002. However, we couldn’t begin construction until recently, when the area was finally rezoned for multifamily housing,” said Anthony Hammel, CEO and co-founder of ELD Properties. “Throughout the long process, CPC supported our mission to breathe new life into this once-vital part of the city. With their continued assistance, the Burling Lane Triangle will add 460 units of high-quality rental housing to this New Rochelle neighborhood.”

New construction of two mixed-use buildings in Peekskill’s arts district will create 74 units, 50 of which are reserved for artists earning at or below 60% AMI. The $15.5 million construction loan includes Community Development funds from the City of Peekskill (CHEIR funds), Middle Income Program (MIP) funds, a New York State Energy Research and Development Authority (NYSERDA) grant, and Brownfields Tax Credits, as well as an $8.5 million participation from Putnam County Savings Bank.

A tenant enjoys her new apartment in this 48-unit building. CPC provided a $10.5 million construction loan and a State of New York Mortgage Agency (SONYMA)—insured permanent loan through the New York State Common Retirement Fund (CRF).

Cranes are rising in Buffalo, and with them, once-abandoned industrial sites are being reshaped into buzzing neighborhoods. Here, for the first time in decades, a diverse population of young professionals, families, and others are choosing Buffalo to live and work-and the Buffalo River Landing project is helping to lead that renaissance.

This stunning five-story mixed-used building is being constructed on the site where the Erie Freight House once served as a transfer point between water and rail shipments. The original structure and adjoining property had been declared a brownfield and required demolition and environmental remediation.

“Few lenders had any interest in this project,” said lead developer Sam Savarino, CEO of Savarino Companies. “CPC saw beyond the obstacles and helped us to secure an $11.45 million construction loan. When the building opens in January 2017, Buffalo River Landing will bring to the Old First Ward 78 units of apartment living, with direct water access and commanding views of the Buffalo River and the city skyline. Equally important, it will infuse a once-struggling area with a new sense of possibility and purpose.”

Adaptive reuse of historic factory creates 92 units and new commercial space. CPC and partners Pathfinder Bank and NBT Bank provided a $19.2 million construction loan. CPC also provided a SONYMA—insured $16.2 million permanent loan funded through the New York State CRF.

Curled along the Hudson River, the city of Troy, New York, teems with rich history and timeworn Victorian-era buildings. Now many of the area’s abandoned warehouses and forgotten spaces are being repurposed and infused with new life. One example is the redevelopment of a vacant seven-story riverfront warehouse dating back to 1899 into a leading-edge, energy-efficient, mixed-income apartment building.

The project, Tapestry on the Hudson, which is being developed by The Community Builders, is unique in its mission: when completed in mid-2017, it will feature 52 units of upscale but affordable apartments to low- and middle-income families and 15 supportive housing units for formerly homeless families. The project is also innovative in its financing: by including projected savings from energy efficiency upgrades, CPC leveraged these utility savings to bring additional capital to the project.

“Energy conservation is an important part of our plans for the Tapestry project,” said Susan McCann, Regional Vice President, The Community Builders. “CPC has a commonsense underwriting process that integrates the cost savings of our energy and water conservation measures into our construction loan. This is helping us to preserve rental affordability and create more sustainable communities, and it’s why we consider CPC a go-to lending partner.”

Located 20 minutes from downtown Albany, the Regency Park Apartments sit on 37 acres and encompass 26 apartment buildings with a total of 250 rental units, carports, a clubhouse and other amenities. The borrower, who was in the process of making a significant investment in capital improvements to the property, was able to refinance with a $24 million Freddie Mac Conventional Loan.