Success Stories > CPC stories
Posted: April 2nd, 2008
To date, CPC has financed the construction of 250 residential units in 11 projects, investing $28 million in the central business district.
Working in partnership with the city of Syracuse, CPC projects bring a mix of traditional and loft-style residential development to the downtown neighborhood.
With new projects underway, CPC continues to encourage downtown building owners to pursue additional residential development.
Franklin Square
Two of CPC’s largest downtown projects are in Franklin Square.
An $8 million CPC construction loan and $11 million permanent loan transformed a former factory into The Lofts at Franklin Square. The building consists of 90 new apartments and more than 30,000 square feet of commercial space.
In addition, a CPC loan is revitalizing another Franklin Square property, a three-story building at 689 N. Clinton Street. The building is a century-old former factory which houses the Spaghetti Warehouse restaurant on the lower floor.
CPC provided the new building owners with a construction loan of $5,050,000 to purchase and renovate the building. This building, when complete, will contain 50 loft apartments, renting for about $1,000 per month for one bedroom and $1,200 per month for two bedrooms.
Armory Square
CPC has also financed redevelopment in trendy Armory Square. Projects include:
·Butler Building, a mixed-use building that, when renovated, will contain office, residential, and retail space.
·200-208 Walton Street, a newly renovated historic building containing commercial space on the ground and second floors, and residential loft space on the third and fourth floors.
Additional Projects
Other CPC downtown projects include:
·Lofts on Willow, in which a former warehouse has been turned into 49 new loft-style apartments, financed with a $3.9 million CPC loan.
·233 North Clinton Street, a mixed-use building across the street from Lofts on Willow. There are two new, large loft units as well as ground floor retail space.
·247-257 W. Fayette Street, known as the Hogan Block building, that contains 21 residential units, second floor professional office space, and ground floor retail space. CPC refinanced existing debt with a $1.6 million permanent loan. Terms on the new financing allow for greater monthly cash flow.
·106 Montgomery Street, a mixed-use building that contains three residential condominium units and ground floor professional space, financed with a $500,000 CPC construction loan.
·216 West Genesee Street, a 6 unit, mixed use building in Clinton Square. CPC provided a $400,000 permanent loan to assist the borrower with acquisition and moderate rehabilitation of the building’s lobby and façade.
·118 East Genesee Street, a mixed-use, historic building in Hanover Square. CPC provided the borrower with a $350,000 permanent loan to finance the acquisition and rehabilitation of this small property.
CPC Expertise
CPC has created a reputation in Syracuse as a creative and knowledgeable lender, and other organizations have sought out CPC’s expertise in community housing coalitions and advisory panels.
For example, the Metropolitan Development Association’s Creative Communities project sought CPC’s help to develop a national model for the sustainable redevelopment of blighted properties, funded with a grant from the Ford Foundation for the City of Syracuse.
In addition, Syracuse 20/20, a coalition of 40 Central New York business and community leaders, recruited CPC to their task force. This group seeks to improve the quality of life and government in Syracuse and is exploring the creation of a local Housing Trust Fund.
Little Italy Revitalization
Besides financing redevelopment projects in downtown Syracuse, CPC has also sparked revitalization efforts in Little Italy, a historic neighborhood north of downtown.
In Little Italy, CPC projects are turning the district’s underused commercial buildings into attractive storefronts, apartments, and restaurants. A recent milestone project is the Walier Lofts, in which a former chocolate factory has been transformed into 14 new loft apartments and two commercial spaces.
CPC Redevelopment Brings Back Downtown
In recent years, CPC has pioneered efforts to revitalize downtown Syracuse.To date, CPC has financed the construction of 250 residential units in 11 projects, investing $28 million in the central business district.
Working in partnership with the city of Syracuse, CPC projects bring a mix of traditional and loft-style residential development to the downtown neighborhood.
With new projects underway, CPC continues to encourage downtown building owners to pursue additional residential development.
Franklin Square
Two of CPC’s largest downtown projects are in Franklin Square.
An $8 million CPC construction loan and $11 million permanent loan transformed a former factory into The Lofts at Franklin Square. The building consists of 90 new apartments and more than 30,000 square feet of commercial space.
In addition, a CPC loan is revitalizing another Franklin Square property, a three-story building at 689 N. Clinton Street. The building is a century-old former factory which houses the Spaghetti Warehouse restaurant on the lower floor.
CPC provided the new building owners with a construction loan of $5,050,000 to purchase and renovate the building. This building, when complete, will contain 50 loft apartments, renting for about $1,000 per month for one bedroom and $1,200 per month for two bedrooms.
Armory Square
CPC has also financed redevelopment in trendy Armory Square. Projects include:
·Butler Building, a mixed-use building that, when renovated, will contain office, residential, and retail space.
·200-208 Walton Street, a newly renovated historic building containing commercial space on the ground and second floors, and residential loft space on the third and fourth floors.
Additional Projects
Other CPC downtown projects include:
·Lofts on Willow, in which a former warehouse has been turned into 49 new loft-style apartments, financed with a $3.9 million CPC loan.
·233 North Clinton Street, a mixed-use building across the street from Lofts on Willow. There are two new, large loft units as well as ground floor retail space.
·247-257 W. Fayette Street, known as the Hogan Block building, that contains 21 residential units, second floor professional office space, and ground floor retail space. CPC refinanced existing debt with a $1.6 million permanent loan. Terms on the new financing allow for greater monthly cash flow.
·106 Montgomery Street, a mixed-use building that contains three residential condominium units and ground floor professional space, financed with a $500,000 CPC construction loan.
·216 West Genesee Street, a 6 unit, mixed use building in Clinton Square. CPC provided a $400,000 permanent loan to assist the borrower with acquisition and moderate rehabilitation of the building’s lobby and façade.
·118 East Genesee Street, a mixed-use, historic building in Hanover Square. CPC provided the borrower with a $350,000 permanent loan to finance the acquisition and rehabilitation of this small property.
CPC Expertise
CPC has created a reputation in Syracuse as a creative and knowledgeable lender, and other organizations have sought out CPC’s expertise in community housing coalitions and advisory panels.
For example, the Metropolitan Development Association’s Creative Communities project sought CPC’s help to develop a national model for the sustainable redevelopment of blighted properties, funded with a grant from the Ford Foundation for the City of Syracuse.
In addition, Syracuse 20/20, a coalition of 40 Central New York business and community leaders, recruited CPC to their task force. This group seeks to improve the quality of life and government in Syracuse and is exploring the creation of a local Housing Trust Fund.
Little Italy Revitalization
Besides financing redevelopment projects in downtown Syracuse, CPC has also sparked revitalization efforts in Little Italy, a historic neighborhood north of downtown.
In Little Italy, CPC projects are turning the district’s underused commercial buildings into attractive storefronts, apartments, and restaurants. A recent milestone project is the Walier Lofts, in which a former chocolate factory has been transformed into 14 new loft apartments and two commercial spaces.
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115 Solar Street (The Lofts at Franklin Square), Franklin Square
CPC has been a pioneer in financing multi-family projects in Downtown Syracuse neighborhoods such as Franklin
Square. In 2003, CPC formed a successful public-private partnership with the City of Syracuse and a well-known local
developer to transform this former factory into 90 loft market-rate rental apartments – a first for Franklin Square. The
building also features over 30,000sf of commercial space. This innovative project received CPC construction &
permanent financing totaling $19M.
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689 N. Clinton Street (Spaghetti Warehouse Building), Franklin Square
Construction financing of $5.05M was provided by CPC for the acquisition & rehab of this mixed-use structure.
The building features 50 rental units & commercial space on the ground, first & second floors, which includes a
family-oriented Italian restaurant occupying the ground floor.
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200-208 Walton Street, Armory Square
For over 20 years, the Armory Square district has been transformed into a vibrant neighborhood of
boutiques, restaurants & loft-style residential buildings. This attractive mixed-use development located
in a predominantly vacant manufacturing building received CPC construction & permanent financing of
$1.77M. The permanent loan is insured by SONYMA.
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230 W. Willow St. (Lofts on Willow) - SOFA District (South on Franklin to the Armory)
Formerly a warehouse, the structure at 230 Willow St. was turned into 49 new loft-style apartments &
4,000sf of commercial and professional office space, thanks to CPC financing of $4.3M. Financing
also was provided by Syracuse Economic Development Corporation.
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233 North Clinton Street - SOFA District (South on Franklin to the Armory)
Across the street from Lofts on Willow, CPC financed $462,000 for the purchase of 233 North Clinton Street, a historic mixed-use building, which contains two rental apartments.
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247-257 W. Fayette Street, Armory Square
Thanks to permanent financing of $1.6M from CPC, this five-story masonry building was refinanced. The building features 22 rental units with two ground floor commercial spaces. The second and third floors contain approximately 15,000sf of office space.
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106 Montgomery Street, Next to City Hall
Construction financing of $500,000 was provided by CPC for the
adaptive reuse of this long-abandoned former firehouse. The building
features three rental two-bedroom residential units above one floor of
office space.
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216 West Genesee Street, Clinton Square
CPC provided permanent financing of $400,000 to moderately rehab this three-story, masonry row building, which
contains five rental units and ground floor commercial space. Scope of work included façade improvements, minor
rehabilitation of the commercial unit and appliances as needed.
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118 East Genesee Street, Hanover Square
A permanent loan of $350,000 from CPC allowed for the purchase & gut rehab of this
three-story building. A gut rehab of the second and third floors created office space on the
second floor and a loft-style rental unit on the third floor. The building also boasts ground floor
commercial space.