The Community Preservation Corp., through its Jersey City office, has completed construction financing for the rehab, and will provide nearly $4.8 million in permanent financing once construction is completed. The project is also getting more than $900,000 in federal tax credits as an historic preservation project.
The pre-war building, originally a silk mill, was converted into a flag factory in the 1960s and has been vacant for about seven years. The finished product will include an exercise room, communal patio area, storage facilities and 92 off-street parking spaces.
"CPC has been involved with this project since before Michael Epstein purchased the property," says Annemarie Uebbing, vice president and New Jersey regional director for the firm. "We're pleased to see industrial buildings in residential areas being converted to housing in New Jersey's older suburbs."
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