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NEW YORK CITY-In its first acquisition here, affordable housing REIT Community Development Trust has partnered with Proto Property Services to purchase and rehabilitate the 360-unit Ocean Towers apartment complex in Brooklyn’s Coney Island neighborhood. The 19-story multifamily property was built in 1973 as part of the state’s Mitchell-Lama program.

The partners secured a $35-million acquisition loan originated by Enterprise Community Loan Fund Inc. through the New York City Acquisition Fund. They’re also putting in $10 million of equity toward buying and rehabilitating the property, located in an area that was hit particularly hard by Superstorm Sandy seven months ago. Long-term financing will be provided by the Community Preservation Corp., which has issued a commitment for a $35-million, 30-year mortgage insured by the State of New York Mortgage Agency and funded by the New York City Employees Retirement System.

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