CPC provides $4 million Freddie Mac loan to refinance a 146-unit garden-style rental apartment complex in Cortland

The Community Preservation Corp. (CPC) has closed on a $4 million Freddie Mac permanent loan to refinance a garden-style complex. Located at 44 Rickard St., Cortland Park Apartments is a low-rise complex comprised of 146 low to moderate income rental apartments in eight buildings on two separate and adjacent parcels. The complex was originally constructed in 1972 and has recently undergone significant improvements by the current owners. There are 44 one-bedroom, 66 two-bedroom and 36 three-bedroom units ranging in size from 560 s/f to 1,000 s/f. The complex includes a pool, tennis court, on-site laundry and parking for residents and guests. The property is accessed by main thoroughfares and local routes and is near shopping centers, healthcare facilities and other services. Cortland Park Apartments is about 30 miles south of Syracuse. The borrower is New York Sterling Management, Inc. whose members — Samuel and Mark Ness — have experience as real estate builders and property managers. The brothers own and operate Westchester-based Ness Realty, Inc. Soon after they purchased Cortland Park Apartments in 2007, the owners invested about $250,000 in a number of property improvements including replacing all building entry doors and a number of water heaters, installing awnings over all entryways and new mailboxes as well as making significant repairs to the foundation and brick repointing. Nick Petragnani, regional director of CPC's Syracuse and central New York office which handled the loan, said, "CPC is pleased to provide the financing for this multifamily property which has been a source of quality affordable housing for low and moderate-income households for more than 35 years. The loan will help insure the financial viability of this important property in Cortland." CPC is a not-for-profit mortgage lender that finances residential multifamily development throughout New York, New Jersey and Connecticut. Since its founding in 1974, CPC has invested more than $7 billion in more than 150,000 units of housing.