EPIP Profile: The Cooperage Rehabilitation

Project Name: The Cooperage Rehabilitation, Buffalo
Borrower: Newark Niagara LLC
Loan Date: 2008
Project Description: An EPIP loan to a developer seeking to rehabilitate the historic former E & B Holmes Machinery Co. complex on the Buffalo River waterfront into residential lofts and commercial spaces. The buildings are thought to be the westernmost original buildings on the historic Erie Canal and once housed the country’s leading barrel-making-machine manufacturing company.
Use of Funds: Emergency Stabilization
Project Status: The property was purchased from the loan recipient/former developer in 2017 and our loan was satisfied as part of the sale. Deterioration at the site caused the loss of the some of the buildings but the others are being restored as part of a mixed-use project.