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ASBURY PARK, NJ-The long-vacant Holy Spirit School at 1003 Bond St. here will be converted into 16 moderate-income residential condos, and the redeveloper has just picked up $4.2 million in financing to help complete the project. Keygate Investments at Asbury received the loan from the Community Preservation Corp. in a transaction arranged through Chambre & Co. The property’s owner is YCC Development Inc., a group that includes Keygate.

“Asbury Park needs our support because the gentrification that started at the waterfront is slowly moving into the neighborhoods,” says CPC vice president and regional director Annemarie Uebbing in the firm’s Jersey City office. “This building had not been used for about 20 years. The new residential units will bring stabilization to the neighborhood and hopefully will keep families from leaving the area. As the same time, it will create tax ratables.”

The three-story Catholic school opened in the early 1920s and closed for good in 1980. The first school-to-condo conversion proposal surfaced more than a decade ago, but the property underwent several ownership changes before the current project was approved. With the conversion, the exterior gothic architecture will be retained. Interior demolition is just under way, and unit sales are slated to begin in about one year.

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