An Ithaca Success Credited to Achieving Excellence Program

Ithaca Neighborhood Housing Services (INHS) and Pathstone recently celebrated the opening of Cedar Creek Apartments, a joint venture that resulted in a wonderful 35-unit rental complex that is both affordable and desirable.

Both Stuart Mitchell, President & CEO, Pathstone, and Commissioner Deborah Van Amerongen put NeighborWorks America front and center in their speeches — Mitchell credited Achieving Excellence as the impetus for this type of collaboration, noting that he, Paul Mazzarella, Executive Director, INHS, and Susan Oettenweller, Senior Vice President, Real Estate Development President, Housing Opportunities, Inc., Pathstone, all attended the same AE class. Mazzarella closed by announcing the next joint project between INHS and PathStone, which is redevelopment of a major and highly visible downtown building into 50 residential units.

Both Mazzarella and Mitchell acknowledged the value of partnering, as opposed to a private developer, because of a common mission. Paul says INHS's role was design and construction management, and INHS will own and manage the property. Pathstone brought the construction expertise and equity guarantees in order to secure needed financing. The combination of PathStone's capacity and leveraging capabilities, and INHS's local relationships and understanding of the market worked extremely well.

return to Training Main Page