Community Preservation Corp. Refinances Mortgage on 156-unit Apartment Complex in Syracuse

The Post-Standard
December 10, 2012

The Community Preservation Corp. has provided a $5.48 million loan to refinance a mortgage on the Remington Gardens apartment complex in Syracuse.

“Refinancing Remington Gardens’ mortgage with a $5.475 million Freddie Mac loan not only continues our successful partnership with its developer, Cosimo Zavaglia, but also helps CPC to provide the city of Syracuse with high-quality rental housing options,” said Nicholas Petragnani Jr., senior vice president and central and western New York regional director of the CPC. “We are pleased to continue to play a role in the revitalization of Syracuse and help make this city’s housing stock stronger.”

Remington Gardens is a garden-style apartment complex built in 1989. It contains 156 market-rate apartments in 13 three-story walk-up buildings.

Founded in 1974, the Community Preservation Corp. is a not-for-profit mortage lender that finances residential multifamily development throughout New York.