DEAL OF THE DAY: CPC, HPD Provide Over $4.7M Construction Loan for Rehab of Three Brooklyn Buildings

By Anuradha Kher, Online News EditorNew York–The Community Preservation Corp. (CPC) and the New York City Department of Housing Preservation and Development (HPD) recently provided a $4,700,764 construction loan for the top-to-bottom rehabilitation of one partially occupied, and two vacant residential buildings in the Flatbush section of Brooklyn, New York.After rehabilitation, the buildings located at 2516 Newkirk Ave., 561 Rogers Ave. and 2506 Albemarle Rd., will feature 25 new rental apartments for low- and moderate-income families.The three properties were sold to Nayelli Partners, the developer, for $50,000 under HPD’s Third Party Transfer Program, which forecloses on tax delinquent properties and transfers them to qualified third parties for rehabilitation. The developer will relocate 12 existing tenants during reconstruction. After completion, the three buildings will contain one one-bedroom apartment, 18 two-bedroom apartments and six three-bedroom units. Rents will range from $1,000 to $1,100 per month. Mary Brennan, CPC senior vice president and regional director, says, “CPC and HPD have a 30-year history of collaborating to provide affordable housing throughout New York City. We frequently participate in the Third Party Transfer Program as a primary lender to create affordable housing. In this transaction, HPD provided most of the mortgage funding.”