10A — June 8 - 21, 2018 — Creative Financing — Financial Digest — M id A tlantic
Real Estate Journal
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C reative F inancing
Building features 51 new apartments and new commercial space in Downtown Syracuse CPC, Empire Building, Mayor Walsh, & Partners celebrate transformationof historicEmpireBuilding S
and new economic opportunity are so important to the future of cities like Syracuse,” said Andrew D’Agostino , vice president & Mortgage Officer at CPC. “I’d like to thank our partners fromEmpire Building LLC for choosing to work with us to finance their project. And my thanks to Mayor Walsh, and to Comptroller DiNapoli and our funders at the CRF for their commitment to invest- ing in housing opportunities throughout the state.” "We are pleased to be an investor and part of this initia- tive in the heart of the Syracuse
Central Business District," said State Comptroller Thomas P. DiNapoli who is also trustee of the New York State Common Retirement Fund. "Securing a sound investment return for the more than one million members, retirees and ben- eficiaries is my priority, but it is even better when we can invest money right here in New York. Our partnership with the Community Preservation Corporation provides opportu- nities to enhance the quality of all housing and helps revitalize communities." "The Empire Building is an important mixed-use project for the Salina St. corridor and we are excited for this historic building see new life," said Robert Simpson, president of CenterState CEO. "This project also builds on the momentum and progress we have seen across our center city. We con- gratulate the partners that en- abled the redevelopment of the Empire Building as it undoubt- edly will attract new downtown residents and contribute to a more vibrant community." To finance the project, CPC provided both a $8.4 million construction loan as well as a $7.6 million SONYMA-in- sured permanent loan funded through the company’s partner- ship with the New York State Common Retirement Fund. The project also qualified for federal and state historic tax credits that will generate $2.4 million in equity. Built in 1910 as a cinema show palace, the building was home to one of the city’s first movie theaters. The theater was demolished in 1961, and originally stood in the back of the building where the parking lot is now located. The building was converted into retail and office space in 1987. As a nonprofit housing fi- nance company with a long history of serving communi- ties throughout New York State, CPC works with their partners who understand the importance of investing in projects that help breathe new life into neighborhoods and connect them with their his- toric past. Historic buildings, including former theaters like the Empire Building, as well as industrial buildings like mills, factories, and warehouses, which were once hubs of ac- tivity throughout New York can be put back into use as continued on page 12A
provides 51 rental apartments and more than 6,000 s/f of com- mercial space, adding to the ongoing revitalization of the community. “The new housing and retail that are created by projects like this bring more people downtown, and are serving as catalysts for other investments here in the downtown area and surrounding neighbor- hoods,” said Syracuse Mayor Ben Walsh. “The transforma- tion of The Empire shows us what the future of Syracuse can look like, while still con- necting us to the history that
helped make our city great. My congratulations to the develop- ment team, and my thanks to CPC, Comptroller DiNapoli, CenterState CEO and all of our partners for supporting a shared mission to continue the revitalization of our historic downtown community.” “Our old, historic theaters, factories, and warehouses were engines of economic activ- ity that drove the growth and prosperity of our City and the surrounding region. Projects like The Empire, that put these properties back into use as re- sources of high-quality housing
yracuse, NY — The Community Preser- vation Corporation (CPC) , Empire Building LLC, Syracuse Mayor Ben Walsh, Office of New York State Comptroller Thomas DiNapoli, CenterState Corporation for Economic Opportunity, and partners held a ribbon cutting this morning to celebrate the transformation of the 107-year old historic Empire Building into a mixed-use residential development. Located at 472 South Salina St., in the heart of the Syracuse Central Business District, the new The Empire
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