The Syracuse Post-Standard
June 10, 2013
The Community Preservation Corp. has closed on two loans totaling $4.3 million to support 112 units of affordable housing in the Syracuse area.
The two loans consist of a $2.3 million loan to refinance Aaron Manor townhouses, a seven-building, 52-unit townhouse-style apartment complex in the town of Camillus, and a $2 million acquisition loan for Seneca Gardens, a 10-building, 60-unit garden-style apartment complex in Syracuse.
Aaron Manor is owned by Gordon Parkway Realty LLC and Ormont Holdings LLC. Seneca Gardens is owned by Seneca Realty holding LLC.
The Community Preservation Corp. is a nonprofit mortgage lender that finances residential multifamily development throughout New York. Since its founding in 1974, it has invested more than $8 billion in more than 150,000 units of housing.