CPC Finances Permanent Loan of $3.63M For Newly Constructed Rentals in Nassau County

Robert Riggs, SVP & Regional Director of CPC's Brooklyn Office

Recently, CPC's Brooklyn office closed on a permanent take-out loan of $3.63M in New Cassel, which is located in Nassau County, Long Island.  Since its inception, CPC has financed over $97M and 1,200 units in Nassau County.

Built on vacant sites awarded to the developer by the Town of North Hempstead Community Development Agency, the project consists of two newly constructed  mixed-use buildings with a combined total of 50 rental apartments and 27,000sf of commercial space.
 
Construction financing for the project was provided through tax credit proceeds raised by First Sterling Financial, Inc., a construction loan from The Bank of New York and Nassau County Home Funds.  The construction loan was taken out by CPC and a subordinate $1,200,000 loan from the Nassau County Home Funds.  

CPC's loan will be sold to the Pension Fund with SONYMA insurance and have a term of 30 years.

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