Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PITTSTON, PA-The Pennsylvania Housing Finance Agency provided a loan of approximately $1.1 million to rehab Saint Gabriel Apartments at 13 William St. here into 16 units for formerly homeless people with special needs. The four-story, 21,400-sf structure will include 204 sf of community space.

The PennHomes multifamily development loan goes to Zaccaeus Corp., an affiliate of Catholic Social Services of the Scranton, PA diocese and a general partner in the project. When the rehabilitation is complete, the value of the property will total approximately $3 million. Catholic Social Services will lease the fourth floor of the building to operate a youth shelter.

The remainder of the financing comes from several sources. Luzerne County offers a $450,000 loan from its Home Investment Partnership program. The state’s department of community and economic development provides a $200,000 emergency shelter grant loan. HUD commits $602,726 in Supportive Housing program funds. Guaranty Bank, NA. provides a $150,000-loan under the Federal Home Loan Bank Affordable Housing program, and Community Bank & Trust provides an equity contribution of $531,134 from the sale of historic rehabilitation tax credits authorized by the state’s neighborhood assistance tax credit program.

Wilkes-Barre, PA based Ralph J. Melone and Panzitta Enterprises are the architect and general contactor, respectively, for the project.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.