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Nelson redevelops 309-unit apartment complex on Manhattan's Upper West Side.

Under the leadership of Robert S. Nelson, president of Nelson Management Group, New York's residential community has achieved a historic milestone through an unprecedented transaction at Cathedral Parkway Towers, 309 units in two towers located on Manhattan's Upper West Side.

Through a process overseen by Commissioner Judith A. Calogero of the NYS Division of Housing and Community Renewal in conjunction with Empire State Development Corp., Nelson assembled a financing package that included a $35 million permanent loan from the NYC pension funds, a $28 million construction loan from The Community Preservation Corporation, and SONYMA insurance.

In September 2003, Nelson acquired the apartment complex located at 424 West 110th Street across from the Cathedral of St. John the Divine and undertook $8 million in construction improvements.

On June 23, various state and city public officials participated in a ceremony marking the successful completion of the redevelopment project and the dream of home ownership for the tenants.
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Title Annotation:Robert S. Nelson of Nelson Management Group
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Jul 13, 2005
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