Kenneth Morrison, of Lemor Realty Corp, closed on a $11,766.304 construction loan which will convert to a permanent loan on three previously City of New York-owned properties located on West 145th Street & Adam Clayton Powell Jr. Blvd.
Once completed the project will provide 51 residential rental units and four commercial spaces totaling 4,000 s/f.
Construction financing was placed with a Multifamily Preservation Loan Program (MPLP) loan by CPC Bank and the City of New York.
Permanent financing will be insured by State of New York Mortgage Association.
The housing units will be offered to families earning between 65% and 95% of median income. The contractor, US Tech, will begin construction early December 2013.
The loan was made to Bridge LLC for the properties at 151 W145th St, 155 W145th St. and 2468 Adam Clayton Powell Jr. Blvd.