New Construction of Affordable Rentals in Northern Onondaga County Made Possible Thanks to CPC's $8.4M Loan

Nick Petragnani, SVP & Regional Director,
Syracuse office

CPC's Syracuse office recently closed an $8.4M loan for the construction of Phase II of Riverknoll at Radisson in Baldwinsville, NY, an area north of the City of Syracuse that has experienced significant residential and commercial growth over the last 20 years.  The project was awarded an allocation of Low Income Housing Tax Credits (LIHTCs) in HCR’s inaugural early application round, and also benefits from a subordinate $650,000 loan from the Federal Home Loan Bank of NY's (FHLB) Affordable Housing Program. 

Twelve of the 80 units, or 15%, will be reserved for physically disabled tenants, and 16 units will be marketed to families with incomes at or below 50% of Area Median Income (AMI).  The balance of the units will be marketed to those at or below 60% of AMI. 

A portion of CPC's construction financing will bridge a committed $1.85M NY State Housing Trust Fund (HTF) loan, $4.92M in LIHTC equity, and deferred developer fees.  CPC will take out the remaining balance of $1.8M with a SONYMA insured, 30-year permanent loan which will be sold to the NYS Common Retirement Fund.

The project is part of Radisson, a planned unit development located just ten miles north of the city of Syracuse.  Upon completion, the ten building complex will include a total of 80 residential units adjacent to Phase I, a fully occupied duplicate 80-unit development. The two complexes will lie on a 27-acre site and will share a community building and common area recreational space.

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