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Developer seeks $1.75 million DRI award for Pelton Manor rental conversion
Summary
Pelton Partners requested $1,750,000 in DRI funds for an $18.65 million plan to convert Pelton Manor to a multifamily rental development, saying litigation that had stalled the project is resolved and that bank and partner financing are in place pending final construction drawings.
Pelton Partners asked the Local Planning Committee for $1,750,000 in DRI funding to support an $18,652,316 proposal to convert the Pelton Manor site into a new multifamily rental community. The presentation on behalf of Pelton Partners was led by Wayne Nusspiegel, who outlined the project cost, proposed rents and financing status.
Nusspiegel said the pro forma in the application shows total development costs of $18,652,316 and that targeted monthly rents will fall roughly between $2,100 and $2,900. He said Rhinebeck Bank has provided a letter in the application package indicating a willingness to provide permanent debt and that the developer expects roughly $14 million of bank financing plus about…
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