Loans help developer offer affordable housing in Rotterdam
ROTTERDAM Fixed-rate mortgages through Community Preservation Corp. will allow the Bruns Realty Group to provide more than a hundred units of affordable housing at a pair of local apartment buildings.
The not-for-profit company announced the closing on a $7.5 million fixed-rate mortgage through Freddie Mac’s Capital Markets Execution program to support 108 units of affordable housing in Rotterdam. The housing will be offered at Philomena Apartments off Carman Road and Fort Hunter Reserve Apartments along Fort Hunter Road.
The loan will be used to pay off an existing construction loan from Berkshire Bank.
Philomena Apartments feature 54 units in three, two-story buildings, with rents ranging from $709 to $1,096 per month. Two of the buildings date to the early 1980s and 1990s, but a third was constructed in 2008 to replace a building that was destroyed by fire in 2007.
Fort Hunter Reserve Apartments was constructed in 2012, adding three two-story buildings and 54 units. The 42 one-bedroom units rent for $875 per month, while 12 two-bedroom units rent for $1,295 per month.
Community Preservation Corp. has invested roughly $566.2 million and closed more than 373 loans in the eastern New York region, which includes Schenectady County. To date, it has helped to support nearly 12,500 units of housing.
“Block by block, town by town, we have been trying to increase the availability of affordable housing and revitalize local communities,” said Michael Skrebutenas, senior vice president and regional director of the corporation’s Albany Office & Supportive Housing Program.