CPC and HPD partnership close three Harlem construction loans totaling $15.9m

 The Community Preservation Corp.'s (CPC) Bronx/Manhattan office, in partnership with the New York City Dept. of Housing Preservation (HPD) has closed on three Harlem construction loans totaling $15.9 million. Financing of $9.2 million will provide the gut rehabilitation of two seven-story buildings in the Hamilton Heights section of Harlem. The properties, located at 3603-3605 Broadway, will be reconfigured into 37 units after construction. The developer is a housing development fund corp. (HDFC) which is sponsored by the Urban Homesteading Assistance Board (UHAB). CPC and HPD will provide a $4.5 million construction loan to developer Malcolm Shabazz Development Corp. (MSDC), an outgrowth of the Masjid Malcolm Shabazz Mosque which promotes housing and economic development activities in Harlem. The developer will renovate the six-story building located at 2512 Adam Clayton Powell Blvd. to include 15 limited equity co-ops and two commercial spaces. A loan of $2.2 million will provide for the gut rehabilitation of a five-story Harlem building at 131 East 101st St. As another UHAB-sponsored project, the buildings' 10 rental units will be converted into HDFC co-ops. "CPC is proud of its long and successful history with neighborhoods and communities of Harlem," said Bruce Dale, senior vice president and regional director of CPC's Bronx/Manhattan office. "Even during these tougher economic times, CPC, in partnership with HPD, has still been able to provide the necessary financing to build affordable housing options for local residents and families." Since opening in 1974, CPC has financed a total amount of $1.3 billion and over 25,000 units in the borough of Manhattan.