CPC Provided Financing for Rehabilitation of Deteriorating Buildings into Modern New Residential Apartment Complex
PULASKI, NY (October 15, 2008) – In one of the most significant residential projects to date for the Village of Pulaski, state and local officials today joined with representatives from The Community Preservation Corporation (CPC) to celebrate the transformation of two deteriorating buildings into a modern new residential complex of affordable rental units.
Formerly known as Scotch Grove Apartments, the property was extensively rehabilitated with new kitchens and bathrooms; new walls and ceilings to insulate and replace rotted framing; a new truss roof with architectural shingles; new windows and doors; new siding and stonework; new underground pipes to move rainwater away from the building; extensive landscaping and new sidewalks. The kitchens were equipped with new cabinets, granite counter-tops and energy efficient appliances and the bathrooms with porcelain tile. New wood flooring was also installed throughout the apartments.
Renamed Rose May Manor, the property is located just one block from Salina Street, which is the village’s main road and about 30 miles south of Fort Drum, home to some 10,000 military personnel and their families.
“This is a very significant development for our Village as these apartments will help satisfy a growing demand for residential facilities resulting from the increase in military personnel and their families assigned to the U.S. Army’s 10th Mountain Division at nearby Fort Drum,” said Village Mayor Ernest C. Wheeler.
CPC, a not-for-profit mortgage lender, provided a $970,000 loan for the purchase and rehabilitation of the property. The newly rehabilitated complex features 38 affordable rental apartments with green features. The property’s two buildings comprise 12 one-bedroom units, 18 two-bedroom units and 8 three-bedroom units. The apartments will rent from 475 for a one-bedroom to $750 for a three-bedroom unit.
Nick Petragnani, Regional Director of CPC’s Central New York office in Syracuse, said: “CPC is pleased to have played a key role in helping to finance this critically important residential project for the Village of Pulaski and the surrounding area where demand is on the rise for new affordable housing.”
New York State Assemblyman William A. Barclay noted: “The completion of Rose May Manor will allow the Village of Pulaski to continue to serve as an important residential destination in our region. Rose May Manor will provide nearby residents with another affordable housing option, something our area is in need of. I congratulate everyone who made this day possible.”
Guy DeMascole, the developer of Rose May Manor, is the founder, owner and president of DeMascole Kitchen, Bath & Tile, Syracuse, which has been in business since 1981.
“I am very proud to have been given the opportunity to transform this property into a vibrant new residential community in the heart of the Village of Pulaski. I commend CPC for its ongoing commitment to provide financing for much-needed affordable housing in our region,” said Mr. DeMascole.
The Community Preservation Corporation is a not-for-profit mortgage lender that finances residential multifamily development throughout New York, New Jersey and Connecticut. Since its founding in 1974, CPC has invested more than $7 billion in more than 150,000 units of housing.