The Community Preservation Corporation, Inc. (CPC), a provider of capital for affordable housing in underserved housing markets, announced the closing of a $12,425,000 million Freddie Mac mortgage to support Merchants Commons in Downtown Syracuse’s Central Business District.
Located in a downtown area that has seen dramatic growth in population and local economic activity, the former Snow Building and Merchants Bank Building were combined to create Merchants Commons, which now consists of 66 residential units and over 34,000 s/f of commercial space.
“CPC is always looking for opportunities in dynamic communities such as Downtown Syracuse to finance quality, affordable homes, spur economic development, and bring density back into the community,” said Nicholas V. Petragnani, Jr., senior vice president and Central and Western New York Regional Director at CPC.
“Merchants Commons is a development that provides 66 individuals and families with quality housing in a vibrant neighborhood and significant commercial space to help more local businesses grow and contribute to the area’s economic growth. Freddie Mac shares our vision and passion for downtown revitalization, and we are happy to continue this critical partnership.”
The Freddie Mac loan has a seven year term with a 30-year amortization schedule at an estimated fixed rate of 5.38%. The borrowing entity is Merchants Commons, LLC, a newly formed limited liability company spearheaded by Joseph Hucko. Hucko also owns Washington St. Partners (WSP) which most recently completed Jefferson Clinton Commons, a mixed use project in the Armory Square section of Syracuse.