CPC poised for growth with loans from last fiscal year supporting a total of 60 buildings with nearly 4,300 units in communities across the state
New York, NY, September 17, 2015 – The Community Preservation Corporation, Inc. (CPC), a leading not-for-profit affordable housing and neighborhood revitalization lender, announced today the closing of 60 loans totaling $372 million, including $141 million in construction loans, to create and preserve nearly 4,291 units of housing during its last fiscal year, which ended June 30, 2015. To date, CPC has invested more than $9 billion in over 159,000 units of housing in communities throughout the State of New York.
“For more than four decades CPC has been providing innovative and flexible lending solutions to help meet the demand for stable, quality housing in cities and neighborhoods across New York State like Harlem, Buffalo, Syracuse, Poughkeepsie, and Saratoga Springs,” said Rafael E. Cestero, President and CEO, The Community Preservation Corporation, Inc. “The diversity of projects made possible through CPC’s investment of more than $370 million are a testament to the work we do with local borrowers and stakeholders to finance development that responds to the unique housing needs of their communities. My thanks to the team at CPC, and to our borrowers and other partners who are helping to revitalize underserved neighborhoods throughout our great state.”
Of the combined $372 million in loans and 4,291 units created and preserved statewide, CPC’s regional offices accounted for the following:
- Capital Region: $74.1 million/1,008 units
- Central & Western New York: $43.6 million/339 units
- Hudson Valley: $97 million/1,198 units
- New York City: $157.3 million/1,746 units
The loans that were closed in the last fiscal year reflect CPC’s mission of contributing to the comprehensive revitalization of underserved neighborhoods through our lending and partnerships. Our innovative lending products help multifamily building owners find the funding solutions they need to provide for the rehabilitation and/or refinancing of their properties, ensuring their long-term physical and financial sustainability.
Projects that have closed this fiscal year include:
- 70 West 139th Street in Central Harlem in New York City, new construction of an eight-story development containing 64 condominium units, 42 of which will be affordable to families with incomes ranging from 80% to 165% of the area median income (AMI). CPC is providing a $21.3 million construction loan to Harlen Park Development, LLC, a first-time CPC borrower. The site was originally sold to Harlen Park Development by the City in 1980 as part of a Land Disposition Agreement (LDA) that included 14 contiguous buildings on West 139th Street. However, a fire gutted four of the buildings, necessitating a change to the original development plan which required amending the LDA. CPC has worked Harlen Park Development since 2006 to have the development site released from the LDA, which required approvals from the City Council and the Mayor’s Office, as well as the New York City Department of Housing Preservation and Development and Department of Buildings.
- 500 Seneca Street in the Hydraulics District of Buffalo, a vacant four-story warehouse that will be converted into a mixed-use development with 108 workforce units available for area residents and 120,000 square feet of commercial space for office and retail use. CPC provided a $24 million construction loan to 500 Seneca Street LLC, a first-time CPC borrower. As one of the first apartment buildings in the Hydraulics District, the development is part of CPC’s ongoing commitment to revitalizing downtown Buffalo. A former brownfield site, 500 Seneca Street needed extra environmental clean-up, which has resulted in improved land and historic tax credits to protect the landmark former factory.
- The Huntley Building in the Strathmore neighborhood of Syracuse, a vacant and dilapidated 42-unit, four-story building that will be rehabilitated into a market-rate development targeting hardworking local families. CPC provided $1.5 million in construction financing to the Strathmore Huntley Group, LLC. Consisting of 26 one-bedroom units, eight two-bedroom units, four three-bedroom units, and four studios, along with a 4,400-square-foot garage, the project also received financing from the City of Syracuse, Onondaga County, and the Syracuse Economic Development Corporation.
- Interfaith Towers in Poughkeepsie, located at 66 Washington Street, a 135-unit senior housing development. CPC provided a $2.1 million construction loan to Sixty-Six Washington Street, Inc. Originally built in the early 1970s by multiple religious organizations to address concerns for the future welfare of low- and moderate-income senior citizens in Poughkeepsie, the fully occupied, 12-story Interfaith Towers was renovated by the developer. The building contains 124 one-bedroom units and 11 two-bedroom units and houses seniors earning less than 30% AMI.
- Winner's Circle at Saratoga Phase III, 19 two-story, garden style apartment buildings located in Saratoga County. CPC provided a $23 million Freddie Mac permanent loan to Kaydeross Village, LLC to finance Phase III of the Winner's Circle at Saratoga. Winner's Circle at Saratoga is a multi-phase development that CPC has been working on since 2010 and will consist of 706 residential apartments in total, 409 of which have been constructed to date. Phase III includes 190 units, comprised of one, two, and three bedroom apartments.
The Community Preservation Corporation, Inc. (CPC) is a non-profit lender providing reliable capital to underserved neighborhoods throughout New York State since 1974. A nationally recognized leader in affordable housing finance, CPC is committed to delivering financing and technical expertise, and to working with community partners to create and preserve affordable housing. To date, CPC has invested more than $9 billion in over 159,000 units of housing. For more information, please visit www.communityp.com.
Contact: Eric Bederman, VP/Communications
212-895-5300, ext. 482 [email protected]