CPC closes on loans for affordable housing in NYC

Real Estate Weekly, June 11, 2008

The Community Preservation Corporation (CPC), a non-profit affordable housing lender, has closed on two Freddie Mac loans in Manhattan totaling $2.27 million for the permanent financing of 59 affordable housing units in six renovated, three-to-five-story walk-up apartment buildings in Harlem and Washington Heights.

CPC and the New York City Department of Housing Preservation and Development (HPD) originally financed the gut renovation of the properties located at 219 W. 121st Street, 232 W. 122nd Street, 571 W. 161st Street, 63 W. 119th Street in 2002.

This package of four buildings includes two five-story walks ups, one three-story walk-up-and one four-story walkup is now complete and the developer has converted to permanent financing with a $1.37 million Freddie Mac loan.

Additionally, CPC and HPD financed the gut renovation of the properties located at 225 and 227 West 121st Street in 2003.

These two five-story walk-ups are now complete and the developer has converted to permanent financing with a $900,000 Freddie Mac loan.

The developer is Harlem Community Preservation Project, LLC, whose principals include Michael Rooney and Nicholas DeAcetis.

Richard P. Conley, Senior Vice President and Mortgage Officer of CPC's Manhattan/Bronx office said, "These properties are located on city blocks that serve as models for community preservation. Just six years ago, the buildings had been vacant, abandoned and taken over by the City. Today, the buildings are virtually rebuilt with new systems and finishes, and their neighboring properties--former vacant lots--have benefited from new, in-fill housing.

"With shopping and public transportation available nearby, these neighborhoods will certainly experience a significant appreciation in real estate values."

Mr. Conley added, "CPC has financed .the renovation of more than 10,000 units in Washington Heights alone."