$11.5m package for affordable housing.The Community Preservation Corporation (CPC (1) (Central Processing Complex) An IBM mainframe that has two or more central processors (CPs) that share memory. It is the collection of processors, memory and I/O subsystems manufactured with a single serial number, typically all contained in one cabinet. ) has provided a $11.5 million construction loan for the development of a new condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. building in the Washington Heights section of Manhattan. The $13.9 million, eight-story, elevator building will occupy a presently vacant, 59' x 155' lot at 214 Bennett Avenue, at the foot of Fort Tryon Park--home of The Cloisters. When completed, the building will comprise 30 one-bedroom residences, including three duplex (communications) duplex - Used to describe a communications channel that can carry signals in both directions, in contrast to a simplex channel which only ever carries a signal in one direction. units; and 10 two-bedroom residences with balconies. The developers, Abraham Sandberg and Eli Harrar, originally received a $2.2 million, 12-month bridge loan from CPC last year to assist them in expeditiously ex·pe·di·tious adj. Acting or done with speed and efficiency. See Synonyms at fast1. ex acquiring the site prior to the Department of Buildings' (DOB DOB abbr. date of birth DOB abbreviation for date of birth; used in medical records. DOB Date of birth ) approval of their architectural drawings. The developers received DOB approval soon thereafter, and an additional loan from CPC totaling $11.5 million refinanced the bridge loan and will finance the construction of the building. Construction is scheduled to begin in summer 2007, with a grand opening planned for spring 2009. Projected unit costs are expected to range from $388,000 to $575,000. Bruce Dale, senior vice president and regional director of CPC's Bronx and Manhattan office, said, "The developers are experienced in the field of affordable housing, having worked with CPC in the past on projects in Brooklyn and in the nearby Inwood section. "It's to their credit that they discovered this vacant parcel of land in Manhattan, and it's even more commendable that they are offering their product at affordable prices." The project's builder is TDP TDP (thymidine diphosphate): see thymine. Industries. The architect is P.E. Friedman. The Community Preservation Corporation is a not-for-profit mortgage lender that finances residential multifamily development throughout New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New Jersey and Connecticut. Since its founding in 1974, CPC has invested more than $5 billion in more than 120,000 units of housing. |
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