CPC PROVIDES $3.63M LOAN FOR TWO NY MIXED-USE BUILDINGS

NEW CASSELL, N.Y. — The Community Preservation Corporation (CPC) has provided a $3.63 million permanent loan for two residential buildings in New Cassell on behalf of the borrower, Stoneridge Homes. The mixed-use buildings are located at 735 and 816 Prospect Ave., and they feature a combined 50 apartment units and 27,000 square feet of retail space. Construction financing was provided through tax credit proceeds raised by First Sterling Financial, a loan from The Bank of New York and Nassau County Home Funds.