Community Preservation Corp. provides $2.16 million refinancing loan

According to The Community Preservation Corp., (CPC), a non-profit affordable housing lender, has closed on a $2.16 million permanent loan to refinance a newly constructed three-story rental building in the Parkville neighborhood. The property, located at 315 Foster Ave. between Seton Pl. and East 5th St., consists of nine, 1,005 s/f two-bedroom units each with two bathrooms, separate dining areas, radiant heat and modern kitchens with granite countertops, hardwood floors and stainless steel appliances. The property is owned by 315 Foster Avenue, LLC, whose principal, Fedor Itzkowitz, has a proven track record having developed four affordable housing projects prior to this. "The upgrades and amenities that have been added to this project make it a unique and desirable place to live and it is a welcome addition to the neighborhood," said vice president and regional director of CPC's Brooklyn office, Robert Riggs. "CPC has a long history of helping local developers change the face of deteriorating neighborhoods throughout New York City, and we are proud to continue in that tradition." Since its founding in 1974, CPC has invested more than $7 billion in more than 136,000 units of housing.