CPC provides $1.7m to purchase/rehab. seven duplexes resulting in new Syracuse University student housing

To accommodate the growing need to provide Syracuse University's students a place to call home, The Community Preservation Corp. (CPC), a not-for-profit mortgage lender that finances residential multifamily development throughout N.Y., N.J. and Conn., recently financed $1.7 million for the purchase and rehabilitation of seven townhouse duplexes. Upon completion of the project, the buildings will feature a total of 14 apartments for students of Syracuse University. Located at 229, 245-47, 248, 249-51 and 260 Robert Dr. in the University Hill neighborhood, the buildings, which are currently in different stages of disrepair, will be extensively renovated in two phases. Phase I will consist of the transformation of the exterior of the buildings and will include new siding, roofs, windows, driveways and landscaping. Phase II will undergo a complete rehabilitation of the interior of all units, creating modern, quality apartments. Currently, renovations have been completed on three of the duplexes. All units will feature new countertops, hardwood floors, cabinets, doors and windows, exterior siding, air-conditioning and stainless steel appliances. Every apartment will be fully furnished and will feature flat screen televisions. Each duplex will contain two three-bedroom units. The apartments are large enough to accommodate up to four students each, given their size of 1,175 s/f per unit. The buildings were constructed in the 1970s and were originally intended as housing for Syracuse University students. Afterwards, the buildings became subsidized housing for people that were not students. The structures eventually fell into foreclosure before being purchased by investors. Before the buildings were purchased by the borrowers, brothers Alan and Warren Schneider, half of the apartments were vacant two-family, side by side homes. The Schneider brothers purchased the buildings with the goal of converting them into student housing, returning them to the original vision of when they were first created. They are hoping to obtain the additional 23 duplexes on the same street to redevelop all buildings simultaneously. "CPC is proud to have provided the financing for this exciting and creative project. The transformation of these underutilized buildings is yet another example of the remarkable revitalization under way in Syracuse. We're especially delighted to be part a project which enhances the quality of life for the students of Syracuse University, who are such a key component to the fabric of our great city," said Nick Petragnani, regional director of CPC's Central Region office. Alan and Warren Schneider are originally from the Bronx and over the past 20 years, they owned and operated a car dealership and towing business there. Alan Schneider currently owns five rental properties in the area. In 2005, they sold their business and Alan relocated to Fayetteville to be closer to his rental properties. The University Hill neighborhood is located east and southeast of downtown and lies on one of the larger hills in the city. It is the foremost educational and medical district in the city, in addition to being a crucial business district, with three of the top ten employers in the region located there. The largest of these is Syracuse University, from which the neighborhood's name was originated. The CPC is a not-for-profit mortgage lender that finances residential multifamily developments. Since its founding in 1974, CPC has invested more than $7 billion in more than 150,000 units of housing.