Paden of CPC Provides $3.87 Million Construction Loan for 25-Unit Apartment Building
New York Real Estate Journal
Continuing its partnership with the Rockland Housing Action Coalition, Inc. (RHAC), the Community Preservation Corp. (CPC) will provide a $3.87 million construction loan for RHAC to create the first quality-built affordable housing for families.
Known as Murphy Manor Apartments, the project will be built on a vacant parcel located at 53 Rte. 9W. The property will comprise 25 two-bedroom units ranging in size from 850 to 1,022 s/f and one 530 s/f studio apartment as well as a community room, laundry facilities and on-site parking.
The complex will be designed to meet the NYS Energy Conservation Construction Code requirements which will include central heating and air conditioning, high performance windows and doors and water conserving fixtures.
Ginsburgh Development Cos. will be the general contractor. Magnusson Architecture and Planning PC will be the architect. Mary Paden of CPC arranged the financing.
The project will be managed by RHAC, which has more than 20 years experience as a community housing development organization.
Sadie McKeown, regional director of CPC’s H.V. office which handled the loan, said, “CPC is very pleased to partner with the Rockland Housing Action Coalition to fill much needed affordable housing in Haverstraw which is one of the poorest areas in Rockland County.”
She said that there are significant redevelopment efforts underway in Haverstraw including the adoption of an urban renewal plan, a waterfront revitalization plan and an affordable housing floating zone.
The project received $4.367 million in tax credits and a grant of $1.352 million in Housing Trust Funds as well as a Federal Home Loan Bank Grant for $520,000. Richman Group is the tax credit investor. Putnam County Savings Bank is the participant in this project. CPC has also committed to a Pension Fund permanent loan, which will be insured by SONYMA.