CrownGuard Capital Closes $15.5 Million Construction Financing for Major Multifamily Redevelopment in Rochester, New York

July 14, Source: sfnet CrownGuard Capital is pleased to announce the successful closing of a $15.5 million bridge and construction loan for the redevelopment of a 95-unit multifamily community in Rochester, New York.

The financing was originated and structured by Larkin Cody and Robert Miller, who designed a customized capital solution to transform a long-vacant residential asset into a modern, income-producing apartment community.

To optimize the project's capital stack, CrownGuard Capital also structured $8 million in approved C-PACE financing, providing long-term, low-cost funding for eligible energy-efficient improvements while reducing the sponsor's overall construction capital requirements. The transaction closed in just 30 days, enabling redevelopment to begin on schedule.

Originally acquired in 2017 with an estimated as-is value of approximately $3.2 million, the property will undergo a comprehensive $15.5 million renovation. Upon completion and stabilization, the project is projected to achieve an estimated value of $30 million.

This transaction reflects CrownGuard Capital's ability to structure sophisticated financing solutions for complex commercial real estate projects by integrating bridge financing, construction lending, and alternative capital sources to help sponsors maximize value and execute their business plans.

We congratulate our client and all parties involved in bringing this transaction to a successful close and look forward to seeing this community transformed into quality housing for Rochester.