CPC Closes $2.16M Permanent Loan to Refinance 3-Story Rental Building
- Oct 27, 2009
New York–The Community Preservation Corporation (CPC) recently closed on a $2.16 million permanent loan to refinance a newly constructed three-story rental building in the Parkville section of Brooklyn.
The property, located at 315 Foster Ave. between Seton Place and East 5th St., features nine, 1,005-square-foot two-bedroom units each with two bathrooms, separate dining areas, radiant heat and modern kitchens with granite countertops, hardwood floors and stainless steel appliances. Market rents are affordable to families at 110 percent of Area Median Income.
The property is owned by 315 Foster Avenue, LLC, whose principal, Fedor Itzkowitz, has a proven track record having developed four affordable housing projects prior to this.
“The upgrades and amenities that have been added to this project make it a unique and desirable place to live and it is a welcome addition to the neighborhood,” says Vice President & Regional Director of CPC’s Brooklyn office, Robert Riggs. “CPC has a long history of helping local developers change the face of deteriorating neighborhoods throughout New York City, and we are proud to continue in that tradition.”