CPC Oversees $10M Construction Loan for Affordable Community
- Sep 25, 2013
Poughkeepsie, .NY.—Westchester County real estate developer Ken Kearney and Rehabilitation Support Services Inc. have obtained a $10.5 million construction loan to build Highridge Gardens, a multifamily development in Poughkeepsie. The property will provide 74 units of workforce and supportive housing, with a community room, laundry facilities and on-site parking.
Highridge Gardens will be a two-building apartment community on a 4.5-acre parcel of land. One three-story elevator building will include 24 one-bedroom apartments serving as workforce housing, with rents restricted to $649 per month, thus making the units are affordable to households with incomes at 50 percent of the area median income.
The other three-story elevator building will have 50 studio apartments for permanent supportive housing and supportive services. Each unit will have a restricted rent of $498, which is affordable to households with an income at 30 percent the area median. The building will also feature a commercial kitchen, dining room, offices and program space for supportive services.
The supportive services will be sponsored by New York State Office of Mental Health. Albany-based RSS will provide services that include clinical, case management, employment and job training, transportation, and housing placement. The property’s general contractor is Tern Construction, and the architect is Anthony Coppola of Coppola Associates in Newburgh, NY.
Community Preservation Corp. (CPC), a nonprofit mortgage lender, oversaw the loan. In addition to CPC’s loan, Highridge Gardens is being financed with $9.7 million in tax credit equity awarded by New York State Homes and Community Renewal and generated from the sale of tax credits to Raymond James Financial Inc., as well as $295,000 in City HOME funds and $148,000 from New York State Energy Research and Development Authority.