CPC's $10.15M Green Loan Substantially Rehabs 88 Apartments on Long Island's North Shore

CPC recently closed a $10.15M construction loan under its Green Financing Initiative (GFI), for the much-needed rehabilitation of Cow Bay Apartments located in Port Washington on the North Shore of Long Island, NY. 

Built in 1971, thanks to funding from the U.S. Department of Housing and Urban Development (HUD) with Section 8 rental subsidies, Cow Bay Apartments consists of seven two-story garden apartment buildings with 88 apartments ranging in size from studios to four-bedrooms. 

The extensive improvements include replacement of three boilers, roof, and retaining wall surrounding the complex, as well as insulation of windows and doors, and upgrading the plumbing, lighting fixtures, and flooring.  The project’s original scope was modified substantially based on the results of a recent energy audit completed as part of CPC's GFI. 

CPC expects its GFI will help to retrofit thousands of housing units in low, moderate and middle-income properties using CPC's "one-stop shop" operation supported by CPC's technical network to help building owners obtain necessary financing along with  available public incentives.  A cornerstone of the program is benchmarking energy usage, a standard part of the application process, along with other third party reporting.

A portion of CPC's construction loan will refinance the current outstanding loan on the property and reimburse the borrower for pre-development costs.  Additionally, the borrower has received a $270,000 grant from Nassau County, subordinate to CPC's loan.

To finance your project in the Long Island region, please contact Robert Riggs at (718) 522-3900.