CPC's Syracuse office recently closed a $5.063M construction loan for the acquisition and conversion of a historic warehouse, known as the Stevedore, located in Oswego, NY. Originally constructed in 1897 for the Standard Yarn Company, the structure has been used as a warehouse since 1951 when the Yarn Company vacated.
CPC's construction financing will enable the borrowers to purchase the vacant warehouse for $500,000 and convert it into a mixed-use facility with 29 market-rate loft-style apartments and approximately 6,000sf of ground floor commercial space.
The borrowers have worked previously with CPC to complete two warehouse conversions, Lofts on Willow and Lofts at Franklin Square, in Syracuse. Similar to these projects, the residential units at Stevedore Lofts will be a mix of one- and two-bedroom units featuring open, loft-style floor plans and exposed timbers, brick walls and mechanicals. While unit sizes and rents will vary, typically a 1,000sf unit will have an average projected monthly rent of $1,047.
The building will undergo a complete rehab including the installation of new roofing, windows, and a new elevator, as well as refurbishment of all exterior masonry, complete carpentry restoration, fire protection, and installation of new mechanical systems. The total cost of the conversion is estimated to be $4.313M.
In 2008, the 42,000sf building became the only industrial building in Oswego to be added to the National Registry of Historic Places, therefore qualifying it for Federal and State Historic Tax Credits. Additionally, the project was awarded a $1.6 million Restore NY grant from the Empire State Development Corporation, through the City of Oswego.
To finance your project in the Central New York region, please contact Nick Petragnani at (315) 476-3173.