CPC closes on $5.063 million construction loan

The Community Preservation Corporation (CPC) has closed on a $5.063 million construction loan to acquire and convert an historic, vacant warehouse building to a mixed-use facility. Called Stevedore Lofts, the building located at 317 West 1st St., will consist of twenty nine market-rate, loft-style apartments and about 6,000 s/f of ground floor commercial space. The general contractor/construction manager is MCK Building Associates of Syracuse, a full-service, general construction firm with expertise in the renovation and restoration of historic buildings throughout Central New York. Architectural services will be provided by MacKnight Architects, also based in Syracuse. The borrower is Stevedore Lofts, LLC. Nick Petragnani, director of CPC's Central New York Region office handled the loan.