10A — July 13 - 26, 2018 — Tax Issues & Accounting — Financial Digest — M id A tlantic
Real Estate Journal
www.marejournal.com
T ax I ssues & A ccounting
ASSACHUSETTS — The Communi- ty Preservation Freddie Mac Conventional Loans to refinance existing debt on four properties totaling 366 units CPC delivers $25.4 million to refinance multi- family portfolio in Western Massachusetts M the properties are located in Hampden County and one is in Worcester County.
refi, or rehab - Freddie Mac’s suite of products provides the flexibility and terms that our borrowers are looking for,” said Nicholas Petragnani, Jr. , senior vice president & regional director at CPC. • Coachlight Village which closed on a $5.8 million con- ventional loan, consists of four, two-story buildings on 5.2 acres located in Agawam in Hampden County. • Security Manor which closed on a $4 million con- ventional loan, is a four- story brick building located in Westfield in Hampden
County. • Van Deene Manor which closed on a $7.2 million con- ventional loan, is a garden apartment complex on a 4.9-acre site located in West Springfield in Hampden County. • Sturbridge Meadows which closed on an $8.4 mil- lion conventional loan, con- sists of two properties located approximately a quarter- mile from each other on the same street. The properties are located in the Town of Sturbridge in Worcester County.
CPC continues to expand its agency lending platform, a one-stop-shop that pro- vides borrowers with a team of experts that have deep experience in Freddie Mac and Federal Housing Admin- istration lending products. From originations to under- writing and facilitating the deal flow through closing, CPC provides a team solely dedicated to facilitating the Agency lending process. CPC is dedicated to bring- ing flexible capital to owners of multifamily buildings in underserved and growing communities. The company has leveraged its more than four decades of community revitalization experience and strategic relationships with government partners to pro- vide a suite of loan products uniquely tailored to fit the needs of building owners, large and small. CPC is a long-time Freddie Mac Seller/Servicer and of- fers a range of competitively priced, reliable mortgage products for the acquisition and refinance of multifam- ily properties. This includes Freddie Mac’s conventional financing with loans rang- ing from $5 million to $100 million with 5- to 10-year terms, and Small Balance Loan product which helps to close that gap in the mar- ket for flexible financing for small buildings by offering loans from $1 million up to $7.5 million with flexible terms, prepayment options, competitive low rates, and streamlined pricing, under- writing, closing, and funding process. About the Community Preservation Corporation (CPC) Established in 1974, CPC is a nonprofit affordable housing and community revitalization finance com- pany that believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. The company has leveraged approximately $10 billion in private and public investment to finance more than 185,000 units of housing. CPC’s work with its partners has helped re- vitalize countless neighbor- hoods and provided quality housing for families, senior citizens, and individuals with disabilities.
The new loans were used to refinance the existing debt on four multifamily buildings, with each carrying a 10-year term with three years of interest only payments and 30-year amortization. “Over our more than 40 years of community lending, CPC has been committed to providing products that serve a diverse range of capital needs for multifamily owners and purchasers of all sizes. Whether it’s for acquisition,
Co r p o r a - tion (CPC) , a nonprofit a f f o rdab l e housing and community revi tal i za- tion finance c o m p a n y , closed $25.4 mi l l i on i n
Nicholas Petragnani, Jr.
conventional Freddie Mac financing for a portfolio of properties located in West- ern Massachusetts. Three of
YOUR PARTNER OF CHOICE FOR MULTIFAMILY LENDING ACQUISITION | REFINANCE | REHABILITATION | CONSTRUCTION FREDDIE MAC SELLER SERVICER | FHA MAP APPROVED LENDER
“With CPC’s lending expertise I’m not just buying a building, I’m revitalizing the block.”
UNCOMMON EXPERTISE. UNMATCHED IMPACT. communityp.com I 646.822.9356
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