CPC SECURES $5 MILLION CONSTRUCTION LOAN FOR CO-OP TOWER

NEW YORK CITY — Community Preservation Corp. (CPC) has secured a $5 million second mortgage for Executive Towers, a cooperative apartment building located at 1020 Grand Concourse in the Lower Concourse neighborhood of the Bronx, New York City. The 24-story building includes 455 units, 38,000 square feet of office space and a 284-space parking garage. CPC arranged the financing through Freddie Mac. Proceeds will be used to fund a capital improvements program for the community that includes restorations to the garage and façade, elevator upgrades, the replacement of convection units, and upgrades to the hallways and the lobby. The borrower is the building’s co-op, Executive Towers Owners Corp., which was sponsored by H&R Executive Towers LLC. CPC originally financed a $3.8 million construction loan for the property in 1996, which was also used for capital improvements. The loan was converted to a Freddie Mac loan in 1999.