CPC, SONYMA and Fitzhugh Associates close $3.7 million rehabilitation loan

According to The Community Preservation Corp. (CPC), the State of New York Mortgage Agency (SONYMA), and Fitzhugh Associates, LLC, they have completed the closing of a $3.7 million loan to develop The Academy Building, a 140-year-old historic property and the site of the city's first public high school, into 21 apartments. "Downtown Rochester has seen a significant resurgence with over 26 buildings renovated and converted into mixed-use properties since 2000," said Nicholas Petragnani, Jr., senior vice president and Central and Western New York regional director, CPC. "We are excited to build on this success with the addition of The Academy. This former site of the first free high school, city municipal court, and headquarters of the Board of Education, will be redeveloped and converted while retaining its historic architectural roots." Located at 13 South Fitzhugh St., the Academy Building will house 21 apartment units across the top three floors of this four story-building. There will be six one-bedroom, 1.5 bath units; 14 two-bedroom, 2.5 bath units, and one three-bedroom, 3.5 bath unit. The first floor will be renovated for retail space. In addition to CPC's $3.7 million construction loan, CPC will provide a $3.25 million SONYMA-insured Pension Fund permanent mortgage. The city and New York State's Empire State Development Corp. have committed an $800,000 Restore NY grant and a $700,000 construction bridge loan. The project will also receive Federal and State Historic Tax Credit equity. The renovations are expected to be completed by spring 2013.