BROOKLYN—CPC Mortgage Co., a subsidiary of The Community Preservation Corp. and Ocean Towers Partners, a joint venture between Proto Property Services and the Community Development Trust, have closed a $48 million Freddie Mac Targeted Affordable Housing loan to refinance a 360-unit property in the Coney Island neighborhood.

Located at 2960 West 24th Street, the 19-story building sits on 3.5 acres. The property is more than 98% occupied, and roughly 91% of the units receive Section 8 vouchers.

The property was built in 1974 through the Mitchell-Lama Rental Program, which was created to provide affordable rental housing for low- and moderate-income households in New York. The property, Ocean Towers, exited the Mitchell-Lama program in 2006. Then, Proto Property Services and CDT purchased the property in 2013, shortly after Hurricane Sandy, in a transaction utilizing subsidy from the NYC Department of Housing Preservation and Development (HPD), funding from the NYC City Council, and $36 million in permanent financing from CPC. This helped to ensure the long-term affordability of Ocean Towers with a new regulatory agreement from HPD. The partners also completed a $10 million rehabilitation, which included a number of resiliency upgrades.

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