Community Preservation Partners (CPP) has completed a substantial rehabilitation of the troubled Cedarwood Towers affordable housing community in Rochester, N.Y.
The firm acquired the 206-unit property about a year ago for $13 million and embarked on an ambitious $28.5 million renovation with co-developer Rochester’s Cornerstone Group.
The 46-year-old property, which had been known for drugs, crime, and physical neglect, not only underwent a physical overhaul, it also received a new name.
“This was a full team effort to make Winton Gardens Towers a reality,” said Seth Gellis, CPP vice president, who oversees the company’s eastern expansion. “Our first priority is to ensure the safety of the residents and then enhance their quality of life with state-of-the-art amenities that also strengthen the broader community.”
At the heart of the renovation are twin color-changing LED projection lights that span the entire length of the property’s two 11-story towers. Inside, numerous improvements were made to the individual units as well as common areas.
“Residents and neighbors alike have been telling me they are thrilled with the changes and that they are extremely proud to live here,” said Roger Brandt, president of Rochester’s Cornerstone Group. “We could not be happier with how this rehabilitation turned out through our partnership with CPP.”
The rehabilitation included:
· A new roof, solar panels, and energy-efficient windows;
· Full modernization of elevators;
- LED lighting throughout and energy-efficient appliances;
- Accessibility and livability upgrades, including a parking lot;
- Vinyl plank flooring throughout;
- New cabinets, countertops, appliances, fans, and window blinds; and
- New toilets, kitchen sinks, faucets, disposals, and accessories.
Through the recapitalization of its affordable housing investment, CPP was able to extend affordability to residents for an additional 30 years.
Financing for the project included $10.2 million in low-income housing tax credit equity from WNC. The credits were allocated by the New York State Homes and Community Renewal. JLL is providing about $26.4 million through the Freddie Mac Tax-Exempt Loan program. CPP and Rochester’s Cornerstone Group is also providing about $2.7 in owner equity.
