The Community Preservation Corporation (CPC), Cardinal Court Apartments LLC and partners held a ribbon cutting on Wednesday, October 17th to celebrate the opening of 40 Cannon located at 40-44 Cannon Street in Poughkeepsie, New York. The $6.6 million gut rehabilitation of two formerly vacant buildings features 49 new residential rental units and four commercial units. Twenty percent of the apartments will be affordable to low-income households.
The two buildings, formerly known as King’s Court apartments, provided low-income housing through the Section 8 program until 2011 when they were severely damaged in a fire and deemed uninhabitable. This gut rehabilitation converted the vacant buildings into 49 mixed-rate residential units among two buildings – one four stories and the other five stories. Ten units will have rents affordable to residents earning less than 60% of the area median income.
Robert Rolison, Mayor of Poughkeepsie said, “Seven years ago 40 Cannon Street was destroyed by fire. It sat for years as a vacant and abandoned building in an important part of our downtown. Today, Jim and Gina Sullivan – in partnership with C.P.C., have transformed this property into a vibrant mix of residential units and new local businesses. Without question, the once vacant 40 Cannon is now the anchor for other new and continuing revitalization in the neighborhood that finds the right balance between old and new, brings new jobs to our community, and adds to the growing sense of pride and optimism in Poughkeepsie.”
“At CPC we believe that housing should meet the unique needs of the neighborhood and the people who live there. We’re proud to be part of a collaborative effort that’s helped revitalize these two buildings; bringing mixed-income and affordable housing as well as new economic opportunities back to the Poughkeepsie community,” said Mary S. Paden, Senior Vice President & Senior Mortgage Officer at CPC. “My thanks to our borrowers at Cardinal Court Apartments LLC, Comptroller DiNapoli and our funding partners at the State’s Common Retirement Fund, Dutchess County and everybody who helped make today possible.”
“We are pleased to be an investment partner with the Community Preservation Corporation on this shared mission to help create 49 mixed-rate apartments in what is formerly known as King’s Court,” said New York State Comptroller Thomas P. DiNapoli, trustee of the New York state pension fund. “I welcome this opportunity for a sound investment for our retirement fund that has also helped rehabilitate these buildings.”
“When we look at 40 Cannon Street we see more than bricks and mortar, we see a building that was built by the community and for a community. We couldn’t be happier about that,” said Jim Sullivan, co-owner of 40 Cannon Street.
Located approximately half a mile from the Poughkeepsie Metro North Station and in close proximity to local arterial roads, 40 Cannon will bring new affordable and market-rate housing to an area of Poughkeepsie that has seen an increase in demand for housing in recent years.
The renovations included all new framing, all new plumbing, all new electrical, all new kitchens and bathrooms, HVAC, new intercom system, cameras/security system, all new appliances, ceramics, installation of emergency lighting, roof repair, new flooring, façade repairs/upgrades, and more.
CPC provided a $4.4 million construction loan and a SONYMA-insured $5.4 million permanent loan financed through the company’s partnership with the New York State Common Retirement Fund. The project also received $250,000 in HOME funding from Dutchess County and a New York State CFA Downtown Anchor Grant totaling $500,000.
CPC has a long history of investing in the revitalization of Poughkeepsie. Over the course of more than two decades, CPC has invested $75.8 million to finance a total of 80 multifamily projects with 1,666 residential units.
About the Community Preservation Corporation (CPC)
Established in 1974, CPC is a nonprofit affordable housing and community revitalization finance company that believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. The company provides a full suite of capital products through its construction lending, permanent lending, and equity investing platforms. Since inception, CPC has leveraged more than $10 billion in private and public investment to finance more than 193,000 units of multifamily housing. CPC’s work with its partners has helped revitalize countless neighborhoods and provided quality housing for families, senior citizens, and individuals with disabilities.