Community Preservation Corporation, Proto Property Services Refinance 525-Unit Affordable Housing Property in Brooklyn for $100 Million

by Kari Lloyd

BROOKLYN, N.Y. — The Community Preservation Corporation and Proto Property Services have refinanced Riverdale Osborne Towers, a 525-unit affordable housing complex in the Brownsville neighborhood of Brooklyn. The $100 million loan was provided by Rockport Mortgage Corporation under a HUD 223(f) loan.

The complex consists of four, nine-story residential buildings with 525 affordable homes for low-income families. The property also includes a preschool and 10,500 square feet of retail space, including the only full-service grocery store in the area.

The refinance will preserve the long-term affordability of all 525 homes and will fund renovations to modernize kitchens and bathrooms on the property. Proto Property Services will continue to serve as the property manager for the complex.

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