7-27-18

14C — July 27 - August 9, 2018 — Brokerage Directory — M id A tlantic

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Project restores Broadway buildings & brings 15 apartments to Albany’s Warehouse District Community Preservation Corp. places $1.53M in financing for 800-806 Broadway redevelopment A cently to celebrate the project’s completion.

“This investment is a main connector, it plays a vital role in connecting the Arbor Hill neighborhood with the invest- ment under way in downtown and the warehouse district," said Chiou. “With the tools and flexibility of CPC we were able to accomplish all of our goals. The support of CPC, the City of Albany, Capitalize Albany, and Albany County was instrumen- tal throughout the development process.” This was a project made possible with $1.53 million in financing from the Community Preservation Corporation, a

nonprofit affordable housing and community revitalization finance company. The complete gut-rehabilitation turned a formerly blighting influence into a long-term resource of stable housing, serving as a catalyst for investment in Al- bany’s warehouse district and the surrounding Arbor Hill neighborhood. “The housing created here at 800 Broadway will provide a new level of stability that will anchor this block, help connect it to the community, and drive new investment to the neigh- borhood,” said Glenn Lunde , vice president, and mortgage officer at CPC. “I believe Pat- rick Chiou saw the potential impact that transforming these formerly dilapidated buildings could have on the community, and we’re glad he chose us as his lender and partner for this project. My thanks to Patrick, to Mayor Sheehan, Capitalize Albany, and to Comptroller DiNapoli and our partners at the CRF for their commitment to investing in housing oppor- tunities throughout the state.” "We are pleased to be an investment partner with the Community Preservation Cor- poration on this shared mission to help revitalize the Albany community and increase the availability of affordable hous- ing,” said New York State Comptroller Thomas P. Di- Napoli, trustee of the New York state pension fund. "I welcome this opportunity for a sound investment to our retirement fund which also helps reha- bilitate Albany's Warehouse District." CPC’s $1.53 million sup- ported the project as a construc- tion loan and SONYMA-in- sured permanent loan financed through CPC’s agreement with the New York State Common Retirement Fund. The Fund, the third largest public pen- sion plan in the country, is administered by New York State Comptroller Thomas P. DiNapoli. Additional support was provided by federal and state historic tax credits. The gut-rehabilitation of 800-806 Broadway restored the property to its historic standards. The scope of the renovation included installa- tion of new structural elements such as floors and exteriors, electrical, plumbing, flooring, sheetrock, heating, windows and roof replacement, paving, and landscaping. 

LBANY, NY — With the redevelopment of 800-806 Broadway com- pleted, property on the cusp of Albany’s warehouse district and Arbor Hill neighborhood has 15 new one and two-bed- room apartments. A $2 million investment made by developer Patrick Chiou of 800 Broad- way, LLC transformed four dilapidated buildings, aban- doned for nearly a decade near the district’s southern edge and considered dangerous to enter. The property was acquired through an Albany County auction. An event was held re-

“These 15 newly renovated one and two-bedroom units are another example of the revitalization underway at the gateway between our growing Warehouse District, Arbor Hill, and Downtown neighborhoods,” said AlbanyMayor Kathy Shee- han. “Thank you to Patrick Chiou for making this sizeable investment in these neighbor- hoods, and to the Community Preservation Corporation (CPC) and Capitalize Albany for their assistance in making this project a reality.”

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