CPC provides $7.9 million in loans to refinance four multifamily props.

The Community Preservation Corp. (CPC) has closed two Freddie Mac loans totaling $7.9 million to refinance four multifamily rental properties in the area comprising 424 affordable apartment units. On Manor Dr. in Queensbury, CPC provided $3.5 million to finance 15 townhouse-style buildings comprised of 60 rental units. Over the past five years, the owner has made significant improvements to the apartments including extensive exterior enhancements. The borrower is Maple Wood LLC, which is owned by Monty Liu, Sr., Amy Liu and Monty Group LLC. CPC provided the borrower with a loan of $1.775 million in 2002 to purchase and renovate the property. CPC also provided a supplemental loan of $4.4 million to refinance 364 apartment units at three properties — all within the Town of Halfmoon. They are: * Pine Ridge Apartments phase II and phase III, located on Slittery Rd., comprising 26 buildings with 180 two-bedroom units;. * Cranberry Estates, located near Old Rte. 146 and Cemetery Rd., a complex of 11 buildings with 88 two-bedroom units. * Carole Jean Apartments at 86 Cemetery Rd., consisting of 112 buildings with 96 two-bedroom units. The borrower is Bruce Tanski, who has developed, owned and operated multifamily properties for 20 years, with 550 rental units in the Halfmoon/Clifton Park area. Since 1994, Tanski has been a client of CPC which provided the original loan of $12.5 million for the three properties. Pine Ridge Apartments phase II was constructed in 1995; Pine Ride Apartments phase III in 1996; Carole Jean Apartments in 1998 and Cranberry Estates in 1999. Peter Amato, Amato Financial Services, Inc., negotiated the transfer on behalf of the owner. "CPC is pleased to again provide financing of two of its long-term borrowers who have played a key role in providing quality multi-family residences in the area," said Christopher Betts, senior VP and regional director of CPC's Albany and eastern New York office which handled the loans.