Olcott of CPC closes on $3 million permanent loan to finance Highview Estates, 139-unit garden apartment cooperative located in Poughkeepsie

The Community Preservation Corp. (CPC) closed on a $3 million permanent loan to finance Highview Estates, a 139-unit garden apartment cooperative built in 1972. The property is located at 26 Cooper Rd. It includes nine two and three-story buildings with 72 one-bedroom units, 59 two-bedroom units, eight three-bedroom units and 215 parking spaces for owners and guests. Originally developed as a rental complex, Highview Estates was converted to a cooperative in 1987. There are very few cooperatives in Dutchess County. There are also few lenders that provide cooperative financing but cooperatives are often an affordable homeownership option. The coop plans to make some capital improvements. The borrower is Highview Estates Owners Corp., a cooperative housing corporation that was incorporated in NYS during 1987. Doug Olcott, senior VP and director of lending for CPCs Hudson Valley Region Office which handled the loan, said, "CPC is again pleased to invest in a multifamily complex in Poughkeepsie. To date, CPC's Hudson Valley Office has closed 70 loans for a total of nearly $45 million in financing for more than 1,200 units in Poughkeepsie." CPC's loan will be 50% insured by SONYMA and the proceeds will refinance the existing CPC mortgage on the property and provide building reserves needed for future capital improvements and repairs identified by CPC's engineer. The Community Preservation Corporation is a not-for-profit mortgage lender that finances residential multifamily development throughout New York and New Jersey. Since its founding in 1974, CPC has invested more than $7.9 billion in over 143,000 units of housing.