Community Preservation Corp. closes on $1.7 million permanent loan to refinance 71-unit complex

The Community Preservation Corp. (CPC) recently closed on a $1.7 million permanent loan to finance a 71-unit cooperative complex in Dutchess County. Located at 1548 Rte. 9, the complex includes four buildings comprising 42 one-bedroom units and 29 two-bedroom units along with 150 outdoor parking spaces and a small playground. Built in 1964, the garden complex known as "Ashley Gardens" was originally a rental property and was converted to a co-op in 1986. The property is within walking distance of shopping and services located at Rte. 9 and Main St. as well as in close proximity to public bus and Metro North rail transportation. The borrower is Wappinger Falls Owners Corp., the cooperative housing corporation which manages the operations of "Ashley Gardens." The buildings are in good condition with new windows, wood cabinets in the kitchens, bathrooms with ceramic tile and other improvements. The loan proceeds will be used to make improvements to the property including new roofs, boilers and decks. CPC's permanent loan will be insured by the State of New York Mortgage Agency (SONYMA). Sadie McKeown, Regional Director of CPC's Hudson Valley office which handled the loan, said: "CPC is pleased to again provide financing to Wappingers Falls Owners Corporation for this affordable cooperative property. It's also noteworthy that the surrounding area in the Village continues to undergo revitalization with the development of a new commercial strip that will feature new retailers." The Community Preservation Corporation 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 136,000 units of housing.