CPC's central region office completes two loans totaling $1.18m

The Community Pre-servation Corp. (CPC) has closed two loans totaling $1.18 million for rehabilitating two properties in the city's Northside District. The properties will comprise 16 moderately-priced apartment units with one of the properties also providing professional office space. The loans were handled by CPC's central region office. The first loan of $830,000 will be used to fund the gut rehabilitation of a three-story, mixed-use building located at 401 North State St. Plans call for constructing four two-bedroom and two one-bedroom apartment units on the second and third floors and rehabilitating the ground floor which will be leased to an architectural firm as professional office space. The borrower/owner is Rimorr Realty, LLC. The second loan of $350,000 will be used to fund the extensive rehabilitation of a 115 year old, two-story wood-frame building at 420-428 Lodi St. that will consist of 10 rental apartment units. The borrower and owner of the property is Robert Bourguignon, who resides in the building and has already completed one unit with three others currently under construction Both loans will be insured by the State of New York Mortgage Agency (SONYMA). "CPC is pleased to continue providing significant financing to help revitalize this historic district where generations of new Americans have lived and worked, enriching our culture and society. These loans are part of CPC's overall commitment to strengthen the vitality of downtown Syracuse by stimulating creative residential development," said Nick Petragnani, regional director of CPC's central region office. 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 $6 billion in more than 141,000 units of housing.