In a deal that will extend housing affordability for hundreds of low-income seniors in Rochester, N.Y., for 30 more years,Community Preservation Partners(CPP), today announced it has secured financing for a $14.6 million major renovation in the city.
Cedarwood Towers, a 206-unit, age-restricted affordable housing community, was acquired in July by CPP, an affordable housing rehabilitation company that has developed more than 7,200 units across the nation, for $13 million. With an additional $13.9 million for materials and soft costs, the rehabilitation is now underway in partnership with Rochesterโs Cornerstone Group, a Rochester-based developer, which will serve as co-developer and the communityโs property manager under the terms of the joint venture.
โWe are excited about our new partnership in Rochester and the work we are undertaking together at Cedarwood Towers,โ said Anand Kannan, president of CPP.
Seth Gellis, vice president of CPP, added that he is looking forward to working with the residents and greater Rochester community as the company implements its improvements.
โRochester is a special city, one that I have had the privilege to visit many times over the past year,โ Gellis said. โThe rehabilitation at Cedarwood Towers will be a catalyst for change in the area.โ
Originally built in 1973, and last renovated in 2003 with 4 percent bonds and tax credits, the community consists of two 11-story towers located on 1.8 acres at 2052 E. Main St. Each tower has two elevators, and there is a community room, courtyard, library as well as laundry facilities. The rehabilitation, which is expected to take about a year to complete, will bring needed improvements to the community, including the following upgrades:
Community Renovations
ยท New roof and energy-efficient windows
ยท Full modernization of elevators
ยท Replacement of boiler system (Tower A) and boiler pump (Tower B)
ยท New PTAC units in common areas and corridor air ventilation systems
ยท LED lighting throughout
ยท Accessibility upgrades, including parking lot ADA improvements
ยท Parking lot repair, restriping and signage
ยท Upgrades to community and laundry rooms
ยท Improvements to courtyard, landscaping and concrete
ยท New metal trash enclosures with gates
ยท Vinyl plank flooring in hallways
ยท Interior and exterior paint
ยท Exterior faรงade enhancements
ยท Drop ceiling replacement (11thfloor)
Unit Renovations
ยท New cabinets, countertops, window blinds and vinyl plank flooring throughout
ยท New entry door hardware and partial interior door replacement
ยท Drywall repairs and fresh paint in kitchens and baths
ยท New toilet, kitchen sinks, faucets disposals and accessories
ยท New energy-efficient appliances (refrigerators, gas ranges, fire stops)
ยท New tub shower trim and coating
ยท LED lights and lighting fixtures
It is CPPโs first preservation deal and second development in the state of New York. Though CPP is primarily an affordable housing preservation specialist, Victory-Fiedler Senior Apartments in Staten Island was built as new construction.
About Community Preservation Partners:CPP is an affordable housing
rehabilitation company that owns more than 7,200 units across the United
States. Its mission is to enrich lives and strengthen neighborhoods by
recapitalizing, rehabilitating and preserving aging affordable housing
communities. CPP provides simple, practical solutions to complex challenges
facing housing authorities, nonprofits and investors. For more information,
visit www.CPP-Housing.com
or call Seth Gellis, vice president, for properties in the Eastern U.S.,
including Texas at (949) 236-8280 or Jack Aronson, director of development
acquisitions, for properties west of Texas at (415)
746-0666.