News: Brokerage

Rochester Management and CPC complete Chatham Gardens rehab with Konopka Architecture and BLM Construction

Rochester, NY Nonprofit housing agency Rochester Management  and the Community Preservation Corp. (CPC), celebrated the renovated Chatham Gardens during a ribbon cutting ceremony. The affordable housing community serving area families underwent a $4.5 million renovation, which was completed this summer.

Chatham Gardens new community center and office.

The 184-unit community, which offers one-, two- and three-bedroom apartments at affordable rents, was built in 1964 under the New York State Mitchell-Lama program for low-to-middle income housing. 

In 2016, Rochester Management initiated a renovation project at the property. As part of the final stage of the project, a new fully accessible community center and office were built on the property, providing additional space for residents to gather and socialize.

The city extended the property’s reversion agreement, ensuring that Chatham Gardens can continue to provide affordable housing to area families for years to come, and provided the necessary approval for its refinancing through CPC.

CPC provided a $3.2 million construction loan as well as a permanent loan funded through the company’s partnership with the New York State Common Retirement Fund.

Two local firms, Konopka Architecture and BLM Construction, handled the design and construction of the community center and office building. Rochester Management’s own maintenance team completed the interior apartment renovations.

As part of the project, new bathrooms and kitchens were installed, including new cabinetry, countertops, flooring and Energy Star appliances. In addition, roofs, boilers and the domestic hot water system were replaced. 

“Chatham Gardens has been an important part of our nonprofit’s ability to provide quality, affordable housing here in Rochester for more than 50 years,” said Peggy Hill, CEO of Rochester Management.  “We’re proud to be able to reinvest in this community and this neighborhood, providing more modernized housing and amenities for the families that call Chatham Gardens home.”

“I want to congratulate Rochester Management and the Community Preservation Corp. on the successful completion of the Chatham Gardens renovation project,” said mayor Lovely Warren. “The Rochester community is extremely fortunate to have such partners who are committed to providing citizens with access to decent and affordable housing. Thanks to their investment, Chatham Gardens can continue its legacy as a pillar of stability in this Upper Falls neighborhood. Rochester Management and the Community Preservation Corp. are critical partners in our goals to create more jobs, safer and more vibrant neighborhoods and better educational opportunities.”

“Mitchell-Lama housing, like Chatham Gardens, has long history of serving as an irreplaceable resource of quality, affordable housing for low- and moderate-income New Yorkers,” said Miriam Zinter, mortgage officer at CPC’s Rochester office. “The rehabilitation of Chatham Gardens and the preservation of its affordability means that it will continue to serve the housing needs of the tenants and the community for years to come. My thanks to Rochester Management, mayor Warren and the city of Rochester, and to comptroller DiNapoli and the New York State Common Retirement Fund.”

READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.