CPC construction loan creates parking garage bonus.

The Community Preservation Corporation (CPC), a leading mortgage lender for affordable housing, announced that it has provided a $19.7 million construction loan for the development of a new 100-car parking garage topped by a four-story condominium residence in Kew Gardens.

The garage will be a welcome addition to the neighborhood, which has virtually no parking facilities and very little on-street parking.

The $24 million project, located at 83-30 Kew Gardens Road, occupies the entire blockfront between 83rd Drive and 84th Avenue, across from the Maple Grove Cemetery. Plans call for the conversion of an existing two-story steel and brick structure that was originally built for parking and later used as a warehouse. Four new residential floors will be added to the building.

The condominium will contain 52 units, a mix of one-, two-, and three-bedroom residences, 10 of which will be duplexes. Homeowners will have access to a rooftop sundeck, community room and on-site fitness center. The apartments will be offered for sale at approximately $515 per square foot. The property will also contain medical office space.

Locally active developer, Golden Gate residence, LLC, and its principal Barry Kamali, has a strong track record of residential development in Queens. Kamali purchased the property in August 2005 for $5.5 million. CPC's loan will refinance existing debt; and cover the interest reserve and all of the construction costs.

Mary Brennan, senior vice president and regional director of CPC's Brooklyn, Queens, Staten Island and Long Island office, said, "The property is located in an area characterized by large apartment buildings, almost none of which have on-site parking. This development will be a welcome addition to the neighborhood, and a model for future innovative conversions throughout central Queens."