Financing Provided Through CPC’s ACCESS Initiative – Created to Empower BIPOC Real Estate Entrepreneurs and Invest in Communities of Color
Poughkeepsie, NY – The Community Preservation Corporation (CPC), a leading nonprofit multifamily housing finance company, Garfield and Shereen Salmon, and Poughkeepsie Mayor Robert G. Rolison celebrated the grand opening of Upstream Café with a ribbon cutting ceremony for the newly renovated building at 368 Main Street in Poughkeepsie.
CPC, a leading nonprofit multifamily housing finance company, provided a $465,000 construction and permanent loan to help the Salmon’s renovate the long-vacant property into a mixed-use building that will create five (5) new rental apartments and the newly opened Upstream Café in Poughkeepsie, New York. Financing was provided through CPC’s ACCESS initiative, which provides BIPOC borrowers with guidance and technical assistance in addition to traditional financing through a professional development consultant, if needed, to help ensure their success as they navigate their projects.
“We are really gratified and happy that Garfield and Shereen Salmon have looked to Poughkeepsie to help revitalize and redevelop this building on our Main Street. I also want to thank CPC for once again being a financial partner here in the City as they help individuals reenergize our downtown,” said Mayor Rob Rolison, City of Poughkeepsie.
“We are truly grateful to see the light at the end of the tunnel. The completion of this project was made possible because of CPC’s commitment to reach BIPOC investors as they change the investor landscape. We’re excited to be opening our café, welcoming new tenants, and look forward to being a part of the Poughkeepsie community,” said Garfield Salmon.
“With the construction coming to an end and the building now open, Garfield can replace his construction supervisor hat with his chef hat as he focuses on his passion for culinary arts and our family’s new venture with the UpStream Café. My thanks to Mayor Rolison, CPC and all of the partners who believed in our dream and vision,” said Shereen Salmon.
“It is incredibly gratifying to see the Salmon’s dream of revitalizing this property become a reality,” said Lawrence Hammond, Senior Vice President and Director of ACCESS at CPC. “Small building owners and entrepreneurs like the Salmon’s are critical to the health and vitality of our State’s housing stock. Providing BIPOC developers with a hand-up and access to resources and support they need to be successful is why CPC created the ACCESS initiative.”
“Small multifamily and mixed-use properties like 368 Main Street are the backbone of communities in the Hudson Valley. It’s been a pleasure working with Garfield and Shereen, and helping them realize their vision of renovating these apartments and opening their very own café,” said Mary Paden, Senior Vice President and Mortgage Officer at CPC’s Hudson Valley regional office. “My thanks to the Salmon’s, to Mayor Rolison, and the Poughkeepsie community.”
Originally from Jamaica, Garfield and Shereen Salmon are first-time developers looking to make an impact through the redevelopment and revitalization of small properties in a traditionally underserved portion of downtown Poughkeepsie that has a growing Jamaican community. Garfield is a chef, who trained and worked in New York City fine dining establishments, and Shereen is near the completion of her MBA in Innovation and Business Management, coursework she took on become more knowledgeable about the industry once they decided to step into the role of developers. They hope Upstream Café will be a hub for residents, workers, and visitors in the community, supporting the nearby court and college.
Historically, the ability of BIPOC entrepreneurs to access pre-development funding, such as capital for property acquisition, has been a barrier that has impeded their ability to grow and build their capacity as a business. After having been unable to obtain financing from other lending institutions, the Salmon’s sold another property to help raise the equity to acquire and renovate 368 Main Street. However, additional capital was required. The Dutchess County Community Development Office referred them to CPC’s regional office in Chappaqua, who worked with the couple to determine how much additional financing would be needed, and were able to provide it through ACCESS.
In addition to providing the traditional loan support, CPC’s ACCESS initiative offers guidance and technical assistance by providing their borrowers with a professional development consultant, if needed, to help ensure their success as they navigate their projects.
CPC’s ACCESS initiative has delivered millions of dollars in financing to BIPOC developers for multifamily projects across New York State, with a robust pipeline of projects currently under consideration. The company launched its $20 million ACCESS initiative in the summer of 2020 to provide financial resources, capacity building opportunities, and technical assistance to entrepreneurs of color who have historically faced barriers to entry in the real estate development market, with the goal of promoting and enabling greater racial diversity, equity, and inclusion in the industry.
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About The Community Preservation Corporation (CPC)
CPC is a nonprofit multifamily finance company that was founded in 1974 to provide financial resources to stabilize and revitalize underserved communities. Today, CPC uses its unique expertise in housing finance and public policy to expand access to affordable housing and drive down the costs of housing production, advance diversity and equity within the development industry, and impact the effects of climate change in our communities through the financing of sustainable housing. Since its founding, CPC has invested over $12 billion to finance the creation and preservation of more than 220,000 units of housing through its lending and investing platforms. CPC is a carbon neutral company and has been rated AA- by S&P. Visit CPC at communityp.com, and on Facebook, Twitter and LinkedIn