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 office/warehouse space.
Franklin View Apartments comprises two interconnected buildings. One is a four-story structure with 87 apartments and approximately 20,000 s/f of ground floor office space. Each apartment has a separate boiler for heat and hot water, laminate wood floors or carpeting and tile, wood kitchen cabinets, granite or tile counter tops, stainless steel appliances, microwave, dishwasher and garbage disposal. Nearly 100 percent of the apartments were occupied within 15 months of completion of the rehabilitation. A second one-story building of 15,371 s/f is used for warehouse and indoor parking. The building is occupied by Impact Technologies, Upstate Printing and Syracuse Office Environments.
The complex is located at 717 N. Clinton St. in the Lakefront area of Franklin Square, an area that has been undergoing a transformation with the restoration and conversion of landmark buildings into class A office space, condominiums and apartments.
The borrower for Franklin View Apartments is Clinton Street SOMA Project LLC, whose sole member is Cosimo Zavaglia, a developer and manager of rental properties in the Syracuse region. Franklin View Apartments is managed by AJF Management which is owned by Zavaglia.
Nick Petragnani, senior vice president/regional director of CPC's Central and Western New York Region office, which handled the loan said, "CPC is pleased to again provide financing for a property in Franklin Square where there is strong demand for apartment units as well as for new professional office space."