CPC closes on $750,000 loan to rehab three-story Dunkirk bldg.

The Community Preservation Corp. (CPC) has closed on a $750,000 construction and permanent loan to rehabilitate a vacant building on 21 East Second St. into a new multi-use site comprising eight affordable loft-style rental units and retail space. Located on the corner of Washington and 2nd St., the three-story structure was originally built and owned by the Wagner Co. to serve as a first-class retail and grocer location. In 1944, the Crocker-Sprague Co. purchased the building for its wholesale distribution operation in the sale of sugar, coffee and tobacco. From 1970 until 2007, the building was used for a number of commercial purposes including light retail, a repair shop and eventually a storage facility. This year, it was purchased by Chadwick Bay LLC, a local real estate development and management company, which is also the borrower of the CPC loan. The members of Chadwick Bay LLC, David Burke, Brian Burke and Thomas Adymy, have worked previously with CPC on several multifamily projects in WNY. When completed, the rehabilitated building will feature six two-bedroom apartment units and two one-bedroom units on the second and third floors. Parking will be provided on a surface lot. The ground floor comprising 3,600 s/f will be subdivided and leased to retail tenants. The property is located in an Empire Development Zone. The city received a $1 million grant from the Restore New York Community Initiative Program which will be applied to the $1.825 million budget to redevelop the Crocker Sprague Building. CPC's permanent loan is insured by the State of New York Mortgage Agency (SONYMA). "This is another very exciting project for the Chadwick Bay waterfront area. CPC is very proud to play a key role in helping to write the next chapter in the remarkable history of this building and area," said James Rykowski, regional director of CPC's Buffalo/Niagra Peninsula and Southern Tier office, which handled the loan.