New York, NY – July 17, 2009 – (RealEstateRama) — Announced today, the Community Preservation Corporation’s (CPC) Bronx/Manhattan office closed on a $2.1 million Freddie Mac loan to refinance a mixed-use rental building located in the Inwood section of Manhattan.
The property consists of two contiguous five-story buildings, located at 79 Sherman Avenue and 152 Dyckman Street, containing 38 apartment units, six stores and two professional office apartments.
Bruce Dale, Senior Vice President and Regional Director of CPC’s Bronx/Manhattan office said, “CPC has a proven track record of providing critical funding to create affordable housing throughout northern Manhattan. To date, we have financed the renovation of more than 12,000 apartments throughout Inwood and Washington Heights, helping to preserve these neighborhoods for the city’s hardworking families.”
The owner/borrower is Silpar Realty whose principal is John Pavon. Mr. Pavon has owned the property since 1982. Freddie Mac has been a lender on the property since 1987 when it provided a mortgage of $825,000. CPC refinanced this mortgage with a new $1.15 million Freddie Mac loan in 1996. Mr. Pavon has continually made major capital improvements to the buildings, including upgrades to the residential units and the buildings’ mechanical systems.
Mr. Dale added, “We are pleased to work with Mr. Pavon who has shown, over the years, his dedication to the property and to the area. His improvements and attentive maintenance have made to the buildings a safe and secure place to live and we are happy to support his efforts.”
Since its founding in 1974, CPC has invested more than $7 billion in more than 130,000 units of housing.
Contact: Brenda Ratliff, V.P. for Communications
212-869-5300 x568 bratliff (at) communityp (dot) com
