The Community Preservation Corp. closes on $1.02 million permanent loan; Adams of Mortgage Capital assists

According to The Community Preservation Corp. (CPC), it has closed on a $1.02 million permanent loan to refinance the purchase and rehabilitation of a multifamily apartment complex. Known as Barbie Court Apartments, the property is located in the town of Greece at 10-60 Barbie Court in the northwest section of the city. The complex comprises six buildings with a total of 24 apartment units of which 14 are one-bedrooms and 10 are two-bedrooms. In the past year, extensive rehabilitation has been undertaken including updating of kitchens and baths in many units, new appliances, window replacement and numerous exterior renovations. And work has begun on the mechanical systems. Rents range from $620 to $680 per month for a one-bedroom and $650 to $725 for a two-bedroom unit including heat and hot water. The borrower is BC Fund, LLC, whose sole principal is Kevin Burns. Burns is the founder and principal of Grove Street Management which manages Barbie Court Apartments. The loan is insured by SONYMA. CPC's Syracuse, Central and Rochester office handled the closing. The mortgage broker was Alan Adams of Mortgage Capital. "With this latest permanent loan, CPC is proud to continue its efforts to finance affordable multifamily properties throughout the region," said CPC regional director Nick Petragnani. CPC also recently completed the following financing deals: * A $1.8 million permanent loan for the refinancing and moderate rehabilitation of three walk-up buildings containing a total of 11 rental apartments and seven stores located in Bedford Stuyvesant; * An $879,000 permanent loan to refinance 18 rental units in the Morrisania neighborhood of the Bronx; * A $700,000 permanent loan to moderately rehabilitate six rental units in Bushwick; and * Permanent financing of $499,800 was provided by CPC to refinance 20 rental apartments in East Harlem. The Community Preservation Corp. has financed over 137,000 housing units with a record investment of over $7 billion during the last 36 years. CPC partners with leaders in banking, government and the communities it serves to find affordable housing solutions. CPC is committed to financing affordable housing throughout New York state, New Jersey and Connecticut.