CPC closes three upstate New York perm.loans totaling $860,000

The Community Preservation Corp. (CPC) has closed three permanent loans totaling $860,000 for three multifamily rental properties. In Lake George, CPC provided $460,000 in financing for the acquisition of seven contiguous townhouses at 15 Philip St. In Troy, a $207,000 CPC loan will fund the rehabilitation of a six-unit residence located at 149-151 Second Ave. The building's six units will be renovated. CPC provided a $193,000 loan for rehabilitation of a three-unit brownstone residence located at 1 Ten Broeck St. "These latest investments in multifamily housing sites located in three major cities in NYS continue CPC's mission to strengthen neighborhoods and to contribute to the revitalization that is underway in these urban areas," said Sandra Adams, assistant VP of CPC's Albany and eastern N.Y. office, which handled the loans.