CPC Continues to Finance Multifamily Housing in Crown Heights with a $1.28M Construction Loan

817 St. John's Place, Crown Heights

Recently, CPC's Brooklyn office closed a $1.28M construction loan for the gut rehab of a vacant 12-unit residential property in Brooklyn's Crown Heights neighborhood. Located between Nostrand and Rogers Avenues on St. John's Place, the three-story building includes two one-bedroom duplexes and four one-bedroom and six-two-bedroom units.  

While the borrower has personally financed the acquisition and completed half of the intended renovations at his own expense, CPC's $1.28M construction loan will finance the remaining improvements.  The overall scope of work, budgeted at $600,000, includes replacing the electrical, plumbing, heating, and hot water systems as well as the windows, kitchens, and bathrooms.

CPC's loan will allow for replacement of the roof, insulation of the windows and doors, and upgrades to the plumbing, heating, and electrical systems as well as the kitchens and bathrooms.  The loan will convert to a 30-year, fixed rate permanent loan in twelve months and be sold to the NYS Pension Fund.

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