Press Room > Press Releases
Contact: Brenda Ratliff, V.P. for Communications
212-869-5300 x568 bratliff@communityp.com
Posted: July 17th, 2009
BUFFALO, NY (June 2009) – The Community Preservation Corporation (CPC) has announced closing on a $633,500 permanent loan to refinance a rental apartment complex for seniors in Bemus Point, NY.
Located at 27 Sunnyside Avenue, Sunnyside Manor Apartments comprises a two-story brick building and on-site parking for about 50 cars. Family-owned and operated since 1981, the complex comprises 19 one-bedroom apartment units which receive Section 8 assistance. Each unit includes a living area, kitchen and one bath.
The property was a former elementary school and, subsequently, a high school. Renovations to the building to create the apartment units were done on the first and second floors. The lower level, which was virtually untouched since it served as a school cafeteria and music room, is used for storage and community activities. The property is directly across from a public golf course offering picturesque views and within one block of the central business district of Bemus Point.
The borrower/owner is Sunnyside Manor Apartments Limited Partnership which comprises Harriet Lucariello and her son, Michael, who has been responsible for day-to-day management along with leasing of the units. Mrs. Lucariello and her late husband, Mauro, purchased the former school building in 1981 and completed the renovations a year later. Over the 28-year period of ownership by the Lucariellos, the units have enjoyed 100% occupancy virtually all the time.
“CPC is again pleased to provide financing that will make it possible for seniors to enjoy an excellent quality of life in this area with close proximity to amenities and beautiful surroundings,” said James L. Rykowski, Regional Director of CPC’s Buffalo office which handled the loan transaction. CPC’s permanent loan, which will be used to pay down the existing mortgage, is insured by SONYMA.
The Community Preservation Corporation is a not-for-profit mortgage lender that finances residential multifamily development throughout New York, New Jersey and Connecticut. Since its founding in 1974, CPC has invested more than $7 billion in more than 133,000 units of housing.
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CPC Permanent Loan to Refinance Senior Housing in Bemus Point, NY
July 17, 2009
BUFFALO, NY (June 2009) – The Community Preservation Corporation (CPC) has announced closing on a $633,500 permanent loan to refinance a rental apartment complex for seniors in Bemus Point, NY.
Located at 27 Sunnyside Avenue, Sunnyside Manor Apartments comprises a two-story brick building and on-site parking for about 50 cars. Family-owned and operated since 1981, the complex comprises 19 one-bedroom apartment units which receive Section 8 assistance. Each unit includes a living area, kitchen and one bath.
The property was a former elementary school and, subsequently, a high school. Renovations to the building to create the apartment units were done on the first and second floors. The lower level, which was virtually untouched since it served as a school cafeteria and music room, is used for storage and community activities. The property is directly across from a public golf course offering picturesque views and within one block of the central business district of Bemus Point.
The borrower/owner is Sunnyside Manor Apartments Limited Partnership which comprises Harriet Lucariello and her son, Michael, who has been responsible for day-to-day management along with leasing of the units. Mrs. Lucariello and her late husband, Mauro, purchased the former school building in 1981 and completed the renovations a year later. Over the 28-year period of ownership by the Lucariellos, the units have enjoyed 100% occupancy virtually all the time.
“CPC is again pleased to provide financing that will make it possible for seniors to enjoy an excellent quality of life in this area with close proximity to amenities and beautiful surroundings,” said James L. Rykowski, Regional Director of CPC’s Buffalo office which handled the loan transaction. CPC’s permanent loan, which will be used to pay down the existing mortgage, is insured by SONYMA.
The Community Preservation Corporation is a not-for-profit mortgage lender that finances residential multifamily development throughout New York, New Jersey and Connecticut. Since its founding in 1974, CPC has invested more than $7 billion in more than 133,000 units of housing.
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