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Posted: March 12th, 2010Cityfeet.com
The Community Preservation Corporation (CPC) has long partnered with the New York City Department of Housing Preservation and Development (HPD) to preserve affordable housing throughout Brooklyn.
CPC's Brooklyn office partnered with HPD to provide permanent financing to a not-for-profit developer who had successfully renovated four apartment buildings located in the Park Slope, Cobble Hill, and Sunset Park sections of Brooklyn. A $5.178M mortgage, with roughly $1.3M coming from CPC and $3.87M from HPD, financed all four buildings, renovations to which include new electric, plumbing and heating systems, as well as new flooring, kitchens and bathrooms.
Three of the buildings were transferred to the borrower via HPD's Third Party Transfer Program and received construction financing from Washington Mutual and HPD. The fourth building, also a Third Party Transfer, received both construction and permanent financing from CPC and HPD.
Together, the four buildings include 25 residential units: six studios, six one-bedroom units, 11 two-bedroom units, and two three-bedroom units. There is also a three-bedroom super's unit and five commercial spaces. Returning tenants occupy 13 of the 25 units, paying monthly rents ranging from $620 to $971. Twelve vacant units were rented to new tenants at monthly rents ranging from $685 to $1,260.
Since its founding in 1974, CPC has invested more than $7.2 billion in more than 136,000 units of housing.
CPC Teams With HPD For Financing
Cityfeet.com
March 11, 2010
The Community Preservation Corporation (CPC) has long partnered with the New York City Department of Housing Preservation and Development (HPD) to preserve affordable housing throughout Brooklyn.
CPC's Brooklyn office partnered with HPD to provide permanent financing to a not-for-profit developer who had successfully renovated four apartment buildings located in the Park Slope, Cobble Hill, and Sunset Park sections of Brooklyn. A $5.178M mortgage, with roughly $1.3M coming from CPC and $3.87M from HPD, financed all four buildings, renovations to which include new electric, plumbing and heating systems, as well as new flooring, kitchens and bathrooms.
Three of the buildings were transferred to the borrower via HPD's Third Party Transfer Program and received construction financing from Washington Mutual and HPD. The fourth building, also a Third Party Transfer, received both construction and permanent financing from CPC and HPD.
Together, the four buildings include 25 residential units: six studios, six one-bedroom units, 11 two-bedroom units, and two three-bedroom units. There is also a three-bedroom super's unit and five commercial spaces. Returning tenants occupy 13 of the 25 units, paying monthly rents ranging from $620 to $971. Twelve vacant units were rented to new tenants at monthly rents ranging from $685 to $1,260.
Since its founding in 1974, CPC has invested more than $7.2 billion in more than 136,000 units of housing.
