CPC provides $14.3m construction loan for Brooklyn condos

The Community Preservation Corporation (CPC), a leading mortgage lender for affordable housing, has provided a $14.3 million construction loan for the development of a new eight-story condo in the Midwood neighborhood. Located at 1535-1543 East 19th St., the 43-unit, 69,300 s/f elevator building will feature four studios, nine one-bedroom units (three will be duplexes), five two-bedroom units, 20 three-bedroom units and five four-bedroom duplexes. There will also be a 566 s/f community facility space and 27 indoor parking spaces. The property is located between Avenues O and P and is within walking distance to a variety of shopping and retail services, as well as access to public transportation along Kings Highway. The developer is Midwood Gardens, LLC whose sole principal is Donald Fishoff. Fishoff is the president of Inter-Ocean Industries and Bellarno International.Mark Spitzer was designated as construction manager for the project. Spitzer is a principal in Sbeny Holdings LLC and an active developer of commercial and residential properties throughout the New York metropolitan area.