Betts of CPC arranges $9.2m Freddie Mac loan for 20-acre multifamily

The Community Preservation Corp. (CPC) has closed a Freddie Mac loan of $9.2 million to acquire McGregor Village Garden Apartments, a multi-apartment building complex comprising 212 affordable apartment units. Located on 1 Mountain Ledge Dr., the 20-acre property comprises 26 buildings, each with eight apartments and one building with four apartments. The borrower is Bruce Tanski who has developed, owned and operated multifamily properties in the area for 20 years. He has been a client of CPC for 10 years. Peter Amato at Amato Financial Services provided financial consulting services to this effort. Christopher Betts, senior VP and regional director of CPC's Albany and eastern N.Y. office which handled the loan, said, "CPC is pleased to again provide financing to Mr. Tanski, one of its long-term borrowers who has played a key role in providing quality multifamily residences in the Capital District." Tanski will add air conditioning, landscaping and other improvements to the property. The apartment units, all two story in height, consist of living room, eat-in kitchen, two bedrooms, washer/dryer hook-up and a utility room, wall-to-wall carpeting, thermopane and double-hung windows. The master bedrooms have a sliding door that opens to a rear deck. The size of the units range from 925 to 960 s/f. Tanski said, "McGregor Village Garden Apartments will help meet the strong demand for rental housing in the town of Wilton which offers a great quality of life including a strong school system and close proximity to major highways and retail centers." CPC is a not-for-profit mortgage lender that finances residential multifamily development throughout New York, New Jersey and Connecticut. Since its founding in 1974, CPC has invested more than $7 billion in more than 130,000 units of housing.