Much-Needed Affordable Senior Housing Made Possible in Geneva, NY Thanks to CPC

Lyceum Heights Apartments, Geneva, New York

CPC's Syracuse office helps to finance much-needed affordable housing for seniors in Geneva, NY with a $1.69M loan for the construction of Phase III of Lyceum Heights Apartments.

Phase III of the project will contain 15 residential units in five single-story buildings situated on 3.5 acres directly adjacent to the first two phases which are fully occupied with extensive waiting lists. Once constructed, Phase III will include 13 one-bedroom and two two-bedroom units with amenities such as washers and dryers, air conditioning, and appliances. The apartments will be marketed to seniors age 55 and older with incomes ranging from 50 to 70 percent of the Area Median Income (AMI) and monthly rents are competitive for the area, ranging from $526 to $603 for one-bedroom units and from $709 to $752 for two-bedroom units.

A portion of CPC's construction loan will bridge a committed $1.26M loan from NYS HOME and CPC will take out the remaining balance of $430,000 with a SONYMA insured, 30-year permanent loan which will be sold to the NYS Pension Fund.  The project has also received $962,000 from the NYS Housing Trust Fund (HTF).  Both the HOME and HTF loans are subordinate to CPC's loan.

To finance your project in Central New York, please contact Nick Petragnani at (315) 476-3173.