The Community Preservation Corp. provides a $2.475 million construction and permanent loan

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 Rochester'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. 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 approximately five years prior to the borrower's purchase in 2005. The property is located in the St. Paul Quarter, a thriving neighborhood which comprises new loft-style residences and modern commercial office spaces that were converted from former mill type and aging mid-rise office buildings. It is located near Route I-490, with easy access to the surrounding suburbs, the airport and other conveniences. The borrower is 234-250 Andrews Street, LLC, which is owned equally by Hilltop Vacation Club, Inc., of Glendale, N.Y. and Nataliya Dyakovskaya, a New York City real estate broker. Pawel Efraimov is the owner of Hilltop Vacation Club and Global Developers Group, Inc. of Rosedale, N.Y., which will serve as the general contractor for the project. The CPC's Bronx office and the New York City Dept. of Housing Preservation & Development (HPD) have also provided a $442,495 loan for the permanent financing of a formerly city-owned, vacant residential three-story building in the East Tremont section of the Bronx. The building, located at 1688 Webster Ave. and East 173rd St., was recently renovated as part of the HPD Neighborhood Homes Program. In this case, Bronx Shepherds Restoration Corp., a faith-based not-for-profit group, received a $315,496 loan from Local Initiative Support Corp. (LISC) for renovations that included refurbished walls and flooring, and new kitchens and bathrooms. Then, according to the program, Bronx Shepherds sold the property to 1688 Webster Realty LLC whose principal, Jeffrey Brown, a first-time homebuyer, will occupy one of the two three-bedroom units on the top two floors. The 2,250 s/f of ground floor commercial space will be leased to Joshua & Caleb Ministries, LLC, a local, independent, non-denominational ministry. CPC provided a permanent loan of $320,949 for this project. HPD provided a grant of $126,667 to subsidize the sale price to the buyer, which remains on the property as a soft second mortgage. The balance of this grant will completely self amortize at the end of the owner's seventh year of occupancy. To prevent speculation and encourage neighborhood stability, the new owner must reside in the building for at least 10 years. "Our partnership with HPD is a wonderful example of how the public and private sectors can work together to restore, revitalize and reclaim our city's great neighborhoods," said Bruce Dale, senior vice president and regional director of CPC's Bronx office. "What was formerly a vacant, city-owned eyesore is now an opportunity for a hard-working, local resident to become a first-time homeowner and landlord. We are so proud to have played a part in this highly worthwhile program." Since its founding in 1974, CPC has invested more than $7 billion nearly 130,000 units of housing. "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 Rochester office. 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 130,000 units of housing.