INVESTMENT FIRM BUYS INTEREST IN PROPERTIES CREDIT UNION GOES INTO AUTOS WESTERLO COMMERCIAL SITE SOLD.(Business)

Byline: James Denn Business writer Staff report Staff report

Cornell Development Corp. is trying a unique approach to bridge an ever-widening credit gap brought on by the reluctance by banks to lend money to residential real estate developers.

Cornell recently sold six recently completed houses in its Country Village project in Guilderland to a Connecticut investment company for $591,250.

Peter Cornell, chairman of the Latham-based development company, said the sale of the houses on Suzanne Lane and Antoinette Court in Guilderland to Taurus Advisory Group Inc. of Danbury, Conn., represents an alternative method of financing a construction project. …