Based in Rochester, New York, DePaul Properties, Inc. is a progressive not-for-profit organization founded in 1958.
Depaul provides assisted living services for seniors, as well as residential and support services to persons with mental illness in recovery (some of whom have a history of homelessness), addiction prevention and support services, vocational programs and affordable housing.
On November 19, 2018, Depaul secured the financing needed to move forward with an adaptive reuse affordable housing project in a repurposed and renovated historic mill building in the Village of Perry, New York.
The former Perry Knitting Mill is a long-vacant manufacturing facility located in the village. The Perry Knitting Company was organized in 1881 by local residents. Their first building, known as Mill No. 1, was erected in 1882.
DePaul is returning this property to vitality and relevance with a visionary redevelopment.The project will provide housing for workforce families, as well as apartments with supportive housing services that are reserved for individuals with mental illness and the frail elderly, particularly those at risk of homelessness.
Preference for these apartments will be given to seniors, as well as veterans and military personnel.
DePaul is recognized for their proficiency and expertise in reusing highly complex capital structures to create affordable housing for their clients, and for the communities they serve. They have completed and currently manage 12 projects comprising 800 units throughout Upstate New York, many of which involved the complex renovation of historic buildings, such as the Perry Knitting Mill.
DePaul President Mark H. Fuller said, “DePaul is pleased to be a community partner in meeting the need for quality affordable housing options in Perry and throughout New York State. We are proud to be an integral part of the revitalization of the long-vacant Perry Knitting Mill, an example of progress and partnership in action.”
Five Star Bank has now provided the project with $9 million of construction loan financing and $11 million in Low Income Housing Tax Credit equity for the development of Perry Knitting Mill Apartments, a 48-unit affordable apartment project located in the
Craig Burton, Commercial Real Estate Executive for Five Star Bank, said, “Perry, located just 10 miles from our headquarters in Warsaw, is a very important market for Five Star Bank. We believe that it is critical for the community that this much-needed housing project be successfully developed. We are pleased to have the opportunity to work with such a capable and accomplished company as DePaul by providing the funds that will move the project forward to successful completion.”
“Five Star Bank recognizes the need for affordable and special needs housing in Upstate NY and has initiated a program to provide both debt and equity financing for these projects throughout its footprint. The recent hiring of Senior Vice President John Berry, who worked directly on this financing, was an important step in developing this expertise at the Bank,” Burton added.
LECESSE Construction, a construction management firm based in Rochester, will serve as General Contractor for the project. LECESSE is a leader in the senior housing market and also specializes in affordable and multi-family housing, healthcare and higher education.
Unless otherwise credited, all images are courtesy of Depaul.