The Community Preservation Corporation

Real Estate Weekly, March 1, 2000

The Community Preservation Corporation (CPC) has provided permanent financing in the amount of $2.072 million to refinance seven noncontiguous buildings between 1048-1105 Sheridan Avenue in the lower Concourse section of The Bronx. The eight-year loan will be sold to Freddie Mac and financed at a rate of 7.79 percent.

The property consists of seven five-story walk-up apartment buildings that were gut renovated between 1990 and 1992 under the Department of Housing Preservation and Development's (HPD) Vacant Building RFP Program, with construction financing provided by CPC. This immediate area has experienced a great deal of investment by CPC and HPD. They have committed construction and permanent financing for more than a 1,000 units and renovated numerous buildings north and south of Sheridan Avenue.

The Community Preservation Corporation is a private not-for-profit mortgage lender specializing in the financing of affordable housing throughout New York State and New Jersey. Ninety-four banks and insurance companies sponsor CPC. To date, CPC has financed more than 70,000 units for a total investment of more than $2.2 billion.