Recent News
Posted: March 5th, 2010Real Estate Weekly
The Community Preservation Corporation (CPC) has announced closing on two loans totaling $19.01 million to refinance the construction of Halfmoon Heritage Apartments, a new multi-family complex in the town of Halfmoon, Saratoga County.
The first loan of $14.5 million is for Phase I, a 12-building complex comprising 132 rental units located on Fellows Road. The second loan of $4,760,000 Phase II is for 44 units in four buildings.
The market monthly rentals for units in both Phase I and Phase II range from $900 for a one-bedroom to $1,500 for a three-bedroom apartment.
Bruce Tanski, the borrower for both loans, has been a CPC borrower since 1994. Tanski has constructed, owned and operated multi-family properties with more than 550 rental units in the Halfmoon/Clifton Park area.
CPC has provided Freddie Mac financing for several of the multi-family rental complexes he has developed including McGregor Village Apartments, Pine Ridge Apartments, Pine Ridge Apartments II, Andrea Count, Cranberry Estates and Carole Jean Apartments.
“CPC is pleased to provide financing to one of its long-time borrowers for another distinctive multi-family rental complex. Like his other projects, Halfmoon Heritage Apartments will meet the needs of quality rental units in Halfmoon and the surrounding area,” said Christopher Betts, Regional Director of CPC’s Albany and Eastern New York office which handled the loan.
Peter Amato of Amato Financial Services acted as a consultant on both of these projects. The loans are insured by SONYMA
CPC Closes on $19M Home Loans
Real Estate Weekly
February 24, 2010
The Community Preservation Corporation (CPC) has announced closing on two loans totaling $19.01 million to refinance the construction of Halfmoon Heritage Apartments, a new multi-family complex in the town of Halfmoon, Saratoga County.
The first loan of $14.5 million is for Phase I, a 12-building complex comprising 132 rental units located on Fellows Road. The second loan of $4,760,000 Phase II is for 44 units in four buildings.
The market monthly rentals for units in both Phase I and Phase II range from $900 for a one-bedroom to $1,500 for a three-bedroom apartment.
Bruce Tanski, the borrower for both loans, has been a CPC borrower since 1994. Tanski has constructed, owned and operated multi-family properties with more than 550 rental units in the Halfmoon/Clifton Park area.
CPC has provided Freddie Mac financing for several of the multi-family rental complexes he has developed including McGregor Village Apartments, Pine Ridge Apartments, Pine Ridge Apartments II, Andrea Count, Cranberry Estates and Carole Jean Apartments.
“CPC is pleased to provide financing to one of its long-time borrowers for another distinctive multi-family rental complex. Like his other projects, Halfmoon Heritage Apartments will meet the needs of quality rental units in Halfmoon and the surrounding area,” said Christopher Betts, Regional Director of CPC’s Albany and Eastern New York office which handled the loan.
Peter Amato of Amato Financial Services acted as a consultant on both of these projects. The loans are insured by SONYMA
