Community Preservation Corp. closes on $1.112 million loan to refinance 17 multifamily properties

The Community Preservation Corp. (CPC) has closed on a $1.112 million permanent loan to refinance 17 multifamily properties in Oswego County. Fifteen of the 17 properties are located on the north side of the city (including 351 Fourth St.) and two properties are in Auburn and Phoenix. The buildings consist of one single-family home, 13 two-unit buildings, one three-unit, one four-unit and one five-unit buildings. The majority of the properties were purchased between 2000 and 2002. The borrower is Harney Construction, a well-known local commercial and residential construction contracting company owned by Wayne Harney. The company completed a significant rehab work on the 17 properties which are fully rented. The company is completing the re-painting of the exteriors of a number of the buildings and replacing windows. Harney, who contributed a significant amount of personal equity to improve the properties, intends to invest the remaining proceeds from CPC's loan into other properties that his company owns and manages. "CPC is pleased to provide the refinancing for these affordable quality properties that are located in areas that boast a vibrant business and residential community with easy access to goods and services. Harney is a very experienced developer and building manager who has done an excellent job in rehabilitating these properties," said Nick Petragnani, regional director of CPC's Syracuse and central New York and Rochester offices. 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.