CPC completes two loans totaling $1.745 million

The Central New York region office of the Community Preservation Corp. (CPC) has closed two loans totaling $1.745 million to refinance multifamily properties located in Ontario, Binghamton, Johnson City and Endicott. Both permanent loans are SONYMA Pension Fund insured. In Ontario, CPC provided $975,000 to refinance the purchase and rehabilitation of a property consisting of five buildings with 29 residential units. The complex is comprised of five one-bedroom, 23 two-bedroom and one three-bedroom units. The borrower, CGAZ Properties, LLC, purchased the property in 2009 and completed significant rehabilitation. CPC has also provided $770,000 to refinance the acquisition and rehabilitation of nine residential properties in Binghamton, Johnson City and Endicott in Broome County. There are a total of 46 market rate units that vary in size. The borrower is CSBW Realty Corp., Inc. "CPC is again pleased to provide re-financing at attractive loan rates for quality, affordable multifamily properties which are in demand in the Central New York area," said Nick Petragnani, regional director of CPC's Syracuse, Central and Rochester office.