Organization Name: The Community Preservation Corporation
Project Title: Peekskill Artist Lofts
Project Location: Peekskill, NY
Lofts on Main is a $28 million mixed-use development in Peekskill’s downtown arts district, comprised of 75 apartments in two newly constructed, four-story buildings. Designed with artists in mind, amenities include a Main Street-facing gallery space in the lobby for resident artists to showcase their work and two studio/performance practice spaces. A large courtyard between the two buildings is available as a performance and meeting space. The building is designed to accommodate residents at a variety of income levels and those with disabilities. Twelve apartments are reserved for persons with physical disabilities. Fifty apartments are available to households with incomes at or below 50% of the area median income (AMI) with a preference for artists. Six units are available to households with incomes at or below 90% of AMI and 18 are available to households at or below 100% of AMI. Lofts on Main’s numerous energy efficient features include EnergyStar appliances and highly efficient heating, cooling and ventilation systems. CPC provided a $15.5 million construction loan and a $6.8 million SONYMA-insured permanent loan. The developer is Kearney Realty and Development.
Downtown Peekskill has undergone a revival over the past 15 years, becoming a hub for arts and entertainment. Home to the Paramount Theatre, numerous cafes, art galleries, restaurants and music venues, the City of Peekskill fosters a thriving artist community in need of affordable housing.
The Lofts on Main apartment complex bolsters Peekskill’s burgeoning cultural center, which is becoming a destination for artists and patrons of the arts. The development includes gallery and performance space centrally located on Main Street, and artists were given preference to rent 50 of the units at affordable rates.
State financing for the development included state and federal Low-Income Housing Tax Credits that generated $10.9 million in equity and $5.2 million in subsidy from NY State Homes and Community Renewal. The NY State Energy Research and Development Agency provided $187,500 and the NY State Department of Environmental Conservation provided brownfield tax credits that generated $3.7 million in equity.
Established in 1974, CPC is a nonprofit multifamily housing 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, Agency lending, and equity investing platforms. Since inception, CPC has provided roughly $11 billion to finance more than 196,000 units of multifamily housing, and is currently the largest CDFI in the country solely dedicated to investing in multifamily housing.
Developer: Kearney Realty and Development
Financing: CPC, NYSHCR, NYSERDA, NYDEC, SONYMA