CPC AND HPD PROVIDE $4.2 MILLION AFFORDABLE HOUSING LOAN

NEW YORK CITY — The Community Preservation Corporation and the New York City Department of Housing Preservation & Development have provided $4.2 million in construction and permanent financing for the development of three affordable housing buildings in the Wakefield neighborhood of the Bronx, New York City. The four-story buildings will be constructed on three presently vacant lots at 668, 670 and 674 E. 226th St. The properties will contain 30 rental apartments, including 16 studio, nine one-bedroom and five two-bedroom units. Apartment sizes will range from 513 to 800 square feet and rents will range from $950 to $1,200 per month. The borrower is developer Mark Stagg, who is also the owner of Five Stars Management. Terms of the financing were not released.