CPC Scores $33M Fannie Mae Affordability Package

The New York State Housing Finance Agency also provided $20,000 per unit to fund capital improvements at the three properties.
Airmont Gardens

A partnership between the Community Preservation Corp. and L+M Development Partners has taken $33.2 million in Fannie Mae Multifamily Affordable Housing loans. The borrower will use the proceeds for the long-term preservation of three affordable, age-restricted properties totaling 386 units in New York.

The largest of the three communities, the 150-unit Berkeley Square in Wappingers Falls, received an $11 million refinancing package. The property, located at 66 Imperial Blvd., is next to the town’s main thoroughfare and a shopping center.

The partnership also secured a $13.6 million loan to refinance the 140-unit Airmont Gardens Apartments at 60 N. De Baun Ave. in Airmont. The community’s four three-story buildings opened in 2003 and have a mix of one- and two-bedroom units.

The third property, Sycamore Crest Apartments in Spring Valley, landed an $8.6 million refinancing package. The 96-unit community at 15 Summit Ave. is located along State Route 59, less than 2 miles north of the New Jersey border.

All three communities are restricted to tenants earning no more than 60 percent of area median income. The Fannie Mae loans will extend the affordability terms of the properties by four decades.

CPC also partnered with the New York State Housing Finance Agency to secure $20,000 per unit for capital improvements across the portfolio and to create a long-term reserve fund for future renovations. Earlier in January, the agency partially financed the acquisition of a 1,275-unit affordable housing portfolio in the Bronx.