CPC loan helps fund affordable housing

Real Estate Weekly,  July 11, 2007  

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With the help of a nearly $4.2 million loan from The Community Preservation Corp. (CPC), a vacant former Catholic school at 1003 Bond St. in Asbury Park, NJ, will be turned into 16 moderate-income condominiums.

CPC is a not-for-profit mortgage lender with New Jersey offices in Jersey City and Trenton that supports projects aimed at home ownership redevelopment in urban areas.

The loan to Keygate Investments at Asbury was made through Chambre & Company, a commercial real estate financing company. The 16 condominiums will range in size from 900- to 1,800-square-feet and will feature either two or three bedrooms with between one and two-and-a-half baths. Prices are expected to start at $325,000 and go up to the mid-$400,000s. Demolition is underway at the site and sales are expected to begin in the summer of 2008.

"CPC is an excellent lender for emerging markets and they are very flexible in structuring a deal," said Ephraim Chambre of Chambre & Company, Inc.

COPYRIGHT 2007 Hagedorn Publication
COPYRIGHT 2008 Gale, Cengage Learning