Petragnami of CPC provides $1.02 million loan to borrower, BC Fund

The Central New York Region office of The Community Preservation Corp. (CPC) has closed on a $1.02 million permanent loan to refinance the purchase and rehabilitation of a multifamily apartment complex. Known as Barbie Court Apartments, the property is located at 10-60 Barbie Court. The complex comprises six buildings with a total of 24 apartment units of which 14 are one-bedrooms and 10 are two-bedrooms. The borrower is BC Fund, LLC, whose sole principal is Kevin Burns. Burns is the founder and principal of Grove Street Management which manages Barbie Court Apartments. The loan is insured by SONYMA. CPC's Syracuse, Central and Rochester office handled the closing. The mortgage broker was Alan Adams of Mortgage Capital. "With this latest permanent loan, CPC is proud to continue its efforts to finance affordable multifamily properties throughout the region," said CPC regional director Nick Petragnani. 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.