The acquisition was made with the help of a $2.1-million loan from the Community Preservation Corp. The loan is fixed at 7.90% for 10 years, matures in 30 years and can be assumed by a qualified local non-profit, according to Justin Peyser, who heads CPC's New Jersey office in Jersey City. CPC's home base is New York.
The seller, sale price and terms of the sale were not disclosed. The proceeds of the loan will be applied to the sale price, as well as to rehabilitating the property and establishing an operating reserve.
Lakeshore Club is situated within Camden's urban enterprise zone at the junction of I-76 and I-676. Last year, CPC closed on a similar by larger loan nearby for the former Ferry Street Station Apartments, now renamed The Tamarack and half way through a $20 million rehab.
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