CPC Refinances Syracuse Apartment Community

The Community Preservation Corp. has provided a $5.48 million loan to refinance a mortgage on the Remington Gardens apartments in Syracuse.

Syracuse, N.Y.—The Community Preservation Corp. (CPC) has provided a $5.48 million loan to refinance a mortgage on the Remington Gardens apartments in Syracuse. The loan has a 10-year term with a 30-year amortization schedule and was originated under Freddie Mac’s Capital Markets Execution Program.

Remington Gardens is a garden-style apartment complex dating from the late 1980s. The property features 156 market-rate units—130 two-bedroom units and 26 one-bedroom ones—in 13 three-story walk-up buildings.

Each building has a laundry and utility room on the ground floor. The complex also has an on-site maintenance building and enough surface parking for all units. Upper floor units have balconies, while ground floor units access outdoor patios.

The CPC is a nonprofit that facilitates financing for multifamily projects in New York State. In its 37 years of existence, the company has financed more than 144,000 new or rehabbed units.

Another recent Syracuse project financed with CPC assistance was the Pike Block Project. Scheduled for completion in 2013, the Pike Block will feature 78 new market-rate residential units and 25,000 square feet of retail space. CPC issued a total of $23 million in loans to NHW Syracuse LLC, the developer, for the project.