Yuco Buildings


CPC Closes Building Loan

New York, NY
Monday, September 20, 2010

 

The Community Preservation Corporation (CPC) announced that, together with the New York City Department of Housing Preservation & Development (HPD) and the New York City Pension Fund, it has provided a $3.5 million construction and Pension Fund permanent loan to rehabilitate a six-story vacant building located at 2427 Adam Clayton Powell Boulevard in Harlem.

The property will contain 18 rental units and two commercial units. The financing consists of a $2.4 million construction loan from CPC and a $1.36 million HPD loan.

The financing will allow for the gut renovation of the building, installation of all mechanical systems and new apartment floor plans.

The loan will have a 30-year term with a 30-year amortization schedule and the interest rate will be fixed for the full term of the mortgage.

The developer, Raymond Yu, has successfully undertaken a number of affordable housing projects in Harlem.

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