More than half of New York State’s population lives in small multifamily buildings of 5–49 units. As a result, CPC has made it a priority to understand the challenges facing small building owners and to provide products tailored to their needs.
118 Jay Street is a 16-unit masonry building located directly across from City Hall in the downtown section of Schenectady. Although central to neighborhood amenities, the building has remained vacant for a number of years and was in need of significant rehabilitation.
Recently, Schenectady has been experiencing revitalization, with an infusion of new public- and private-sector investment. As economic opportunity has increased, so has the demand for quality housing. Additionally, downtown Schenectady recently lost two mixed-use buildings to a fire, making 118 Jay Street crucial to restoring housing stock.
With a CPC construction loan of $450,000 and a SONYMA-insured $495,000 permanent loan through the New York State CRF, 118 Jay Street owners Noah Smith and Theodore Haber had the funding necessary to rehab the building’s apartments, major systems, and commercial space, and to provide energy-efficient upgrades that will benefit its long-term operating costs.
As long-time CPC partners, Smith and Haber knew that CPC could provide the capital and terms they needed to see their vision through to fruition.