Park Towers Housing Development Fund Corporation

4. Amendment 4

   This amendment discloses the February 14, 2025 refinancing, which moved the Building into a new entity, set up new construction loans, and defines two possible financing scenarios at closing.

   • Building transferred to 644 Riverside HDFC on February 14, 2025; references to Sponsor now mean 644 Riverside HDFC
   • Bank of America's $2,059,582.81 portion of the construction loan satisfied; $17,389,835 of the loan assumed by 644 Riverside HDFC
   • New Senior Construction Loan of $3,204,978 from CPC Funding SPE, LLC and HPD Construction Loan of $26,137,027
   • Option 1 if Purchase Agreements total at least $3,204,978.00 at Closing: CPC permanent loan of $1,547,000.00 at estimated 8.00% and HPD permanent loan of $26,137,027.00 over 30 years
   • HPD Permanent Loan payments deferred; $35,276,888.00 due at end of term, with no automatic right to extend
   • Option 2 if Purchase Agreements fall short but at least 12 Apartments are under contract: CPC bridge loan of $1,547,000 to $3,204,978.00 for no more than one year
   • Renovation described as substantially completed; additional loan funds to cover new roof, asbestos abatement, and energy efficiency work, among other items

Summarized from the amendments' text (scanned ones read with OCR); the filings themselves are on the Attorney General's site. 1 of 4 amendments summarized so far.