CPC AND HPD PROVIDE $7.6 MILLION CONSTRUCTION LOAN

NEW YORK CITY — The Community Preservation Corporation (CPC) and the New York City Department of Housing Preservation & Development (HPD) have provided a $7.6 million construction loan for the moderate renovation of two five- and six-story rental buildings in the Washington Heights section of Manhattan, New York City. The buildings, located at 75-89 Wadsworth Terrace between Fairview Avenue and 190th Street, contain 83 rental units comprising nine studios, 50 one-bedroom units, 13 two-bedroom units, nine three-bedroom units and two four-bedrooms units. CPC will provide approximately $3.4 million and HPD will provide $4.2 million for a renovation that will include upgrades to the plumbing system, electrical repairs, installation of a new roof, parapet wall repair, kitchen and bathroom replacement, new flooring, new windows and new boilers. The developer is 75-89 Associates, LLC, which is partially owned by Frank Anelante and Joseph Zitolo of Lemle and Wolff.