Loan helps transform former military complex.

For nearly two centuries, the historic Madison Barracks in Sackets Harbor, NY has played many important roles - as a frontier post, military depot, hospital, military training center and even home to General Ulysses S. Grant.

Today, thanks to financing provided by the CLC Division of The Community Preservation Corporation (CPC), the third phase of the overall redevelopment of the historic Madison Barracks complex is completed with the rehabilitation of five buildings into 32 rental apartments.

Madison Barracks is a 110-acre planned development that is being built on the site of the historic former military complex. In addition to housing, existing amenities include a restaurant, supermarket, health club, tennis courts, florist, post office, dry cleaners and bakery.

The rental apartments are comprised of six one-bedroom units, 16 two-bedroom units, nine three-bedroom units and one three-bedroom single-family home. The average rents are $600 for one-bedroom units, $650 for two bedrooms, and $790 for three bedrooms.

The CLC Division of The Community Preservation Corporation provided a $1.1 million permanent loan for the rehabilitation of the five buildings into rental apartments. The loan, which was insured by the State of New York Mortgage Agency (SONYMA), was purchased from CLC by the New York State Common Retirement Fund. A $1.1 million construction loan for the project was provided by OnBank (now called M&T Bank).

"The financing for this project is an excellent example of the successful partnership created between CLC and its member banks. OnBank, a CLC member bank, agreed to the construction financing for this project based on the strength of CLC's commitment to the long-term permanent financing," said Dave Michel, CLC's central region director. "Working together, we were able to bring much-needed rental housing to Jefferson County, as well as contribute to the overall redevelopment of this beautiful historic site."

Founded because of the area's strategic importance during the War of 1812, Madison Barracks has served as a military post in every war from the War of 1812 to World War II. Construction of Madison Barracks began in 1815, and upon its completion four years later, it was considered to be one of the nation's best military posts and a key to America's northern defense. The original Barracks consisted of three one-story limestone structures, of which one of these, "Stone Row", still stands. Fort Pike, where General Pike fought the British in the War of 1812, is part of Madison Barracks. The original 37 buildings of Madison Barracks are listed in the National Historic Register. Madison Barracks was once the home of Ulysses S. Grant, who was stationed there as a second lieutenant after returning from the Mexican War in 1848. Madison Barracks, which served as a military post during the Civil War and World War I, was closed at the end of World War II, and all troops and equipment were moved to nearby Fort Drum. In 1986, the Madison Barracks complex was purchased by JOBCO, a partnership between Samuel Pompa and Michael Puntillo.