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 New Rochelle, NY - As part of an ongoing program to restore building facades in the central business district of downtown New Rochelle, The Community Preservation Corporation (CPC) recently closed on two facade loans totaling $114,695 for two properties.
CPC is providing $79,695 for a property at 398 North Avenue just outside the New Rochelle Business Improvement District (BID) area. The property, which was built in 1922, is a two-story 9,000-square-foot commercial building with seven stores and two offices. Improvements will include replacement of all windows, a new front entrance door, pointing and steam cleaning of the entire exterior, and new exterior lighting and security cameras.
Another CPC loan of $35,000 was used to restore the façade of a Mexican restaurant at 581 Main Street. Built in 1896, the building includes the 2,200-square-foot restaurant and 2,000 square feet of residential space.
The façade improvement program, which was developed by CPC for the New Rochelle BID, provides property owners with loans of a maximum of $100,000 at an interest rate of three percent over a ten-year term. The program has made a significant impact on the revitalization of downtown New Rochelle with the restoration of historic facades of key downtown properties including The Curtain Shop, Diamond Glass and Talners Fine Jewelry.
“CPC is pleased to continue its partnership with the New Rochelle BID in helping to restore these important and historic downtown buildings. New Rochelle is enjoying an unprecedented revival in its central business district. We’re proud to play a role in this ongoing success story with our façade improvement program,” said Sadie McKeown, Regional Director of CPC’s Hudson Valley office.
For more information about the program, call Sadie McKeown at (914) 747-2570, ext. 227.
The Community Preservation Corporation is a not-for-profit mortgage lender that finances residential multi-family development throughout New York, New Jersey and Connecticut. Since its founding in 1974, CPC has invested more than $6 billion in more than 144,000 units of housing in New York and New Jersey.
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