CPC provides $989,000 in refinancing for 17 properties

The Central N.Y. Region office of The Community Preservation Corp. (CPC) has completed the refinancing of 17 multifamily rental properties throughout the city and the surrounding area in two separate deals totaling $989,000. CPC is providing a $389,000 permanent loan to refinance $287,000 of the existing mortgages on five multifamily properties. The balance of the loan will be used to refinance recently completed rehabilitation, which was funded by the borrowers' own equity. The borrower is B&C Holding Properties, LLC. The loan is insured by SONYMA. Two of the properties are located in the city. Another property is located in Geddes and the remaining two other properties are in Auburn. In a second deal, CPC provided a $600,000 permanent loan to refinance the existing mortgages associated with the acquisition and completed rehab of 11 residential properties. The loan, which is insured by SONYMA, will also finance the acquisition of one single-family home. The borrower is JODA Properties LLC. All of the properties are located around Onondaga Park. The twelve financed properties include three single-family homes, seven two- family homes, and two three-family homes. Nick Petragnani, Regional Director of CPC's Syracuse, Central and Rochester office, said, "CPC is again pleased to provide re-financing at attractive loan rates for quality, affordable multifamily properties in the Syracuse area." The 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 136,000 units of housing.