Located in Jefferson County, the City of Watertown is home to a growing commercial sector as well as a steadily expanding military community. The City is surrounded by prime business and retail venues such as the Watertown Central Business District, the Towne Center at Watertown Plaza, and the Salmon Run Mall (the largest mall in Jefferson County), and has convenient access to key arterial roadways.
Fort Drum, home to the U.S. Army’s 10th Mountain Division is also located in the county and serves more than 17,500 soldiers and military personnel and their families. Over the past decade the Army has invested heavily in Fort Drum’s expansion. While this expansion has created a shortage of housing in the area, the increased demand presents an opportunity to add to the housing stock of a growing community that would benefit from stable workforce housing.
Working in partnership with developer COR Companies, CPC provided a $15 million SONYMA-insured permanent loan to help finance the 168 apartments in Phase I of the Beaver Meadow Apartment project. The Beaver Meadow Apartments is a multiphase project that when complete will revitalize 82 acres of vacant land by adding 296 rental units in seven, four-story apartment buildings.
Sixty of the apartments will be available for working-class families earning 80 percent or less of the area median income. The project is also aided by a PILOT agreement with the Jefferson County Industrial Development Agency that will help ensure its affordability by reducing the annual property taxes for the 10-year term of the agreement.