The Community Preservation Corp. provides $2.475 million loan for rehabilitation of vacant property

The Community Preservation Corp. (CPC) has closed on a $2.475 million construction and permanent loan to convert a vacant property to a mixed-use apartment building in the city's Central Business District. When completed, the six-story structure at 234-250 Andrews St. will comprise 30 rental apartments on floors two through six with 5,760 s/f of commercial space on the ground floor. The apartments will consist of one-bedroom/one-bath and two-bedroom/two bath units ranging in size from 815 s/f to 1,355 s/f. All units will have on-site parking space. The borrower is 234-250 Andrews St., LLC, which is owned equally by Hilltop Vacation Club, Inc., of Glendale, and Nataliya Dyakovskaya, a N.Y.C. real estate broker. Pawel Efraimov is the owner of Hilltop Vacation Club and Global Developers Group, Inc. of Rosedale, which will serve as the general contractor for the project. "CPC is pleased to provide financing to a project that will contribute significantly to the revitalization of the St. Paul Quarter neighborhood which has become an exciting residential/entertainment and commercial destination," said Nick Petragnani, regional director of CPC's city office. Built in 1906, the property, formerly known as the Kirstein building, underwent a major renovation in 1984 which included installation of two elevators and a sprinkler system, and upgrades to the heating, cooling and electric systems. The building had been vacant for five years prior to the borrower's purchase in 2005. The property is located in the St. Paul Quarter. It is located near Rte. I-490, with easy access to the surrounding suburbs, the airport and other conveniences. 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 130,000 units of housing.