Real Estate Journal — Central New Jersey — August 11 - 24, 2017 — 5B
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M id A tlAntic
C entral n ew J ersey
Addressing the gap in the marNet for Áe[ible lending products for small multifamily buildings CPC delivers $4.45 million for acquisition of two multifamily buildings in Hoboken, New Jersey T he Community Pres- ervation Corporation (CPC), a leading non- with regulatory agreements with government agencies, and properties with space for com- mercial use. to multifamily developments of all sizes.
housing for low- and moderate- income families. Freddie Mac’s SBL program is designed to ad- dress the need for cost-effective financing solutions for the acquisition and refinancing of small buildings and offers a streamlined process for perma- nent loans between $1 million and $7.5 million. “Small buildings are the backbone of our communities, but there’s a gap in the market for products that speak to their unique needs. Freddie Mac’s SBL gives us a product that’s built for small buildings, and offers smart and flexible terms
tailored to acquisition and refi- nancing. We’ve definitely seen the SBL gaining momentum in the marketplace and expect that to continue as more own- ers learn about it,” said Dick Conley, senior vice president & director of originations at CPC. The SBL product can be used for the acquisition and refinancing of properties with five or more units that may have tax abatements and Sec- tion 8 vouchers, senior housing without services, Low-Income Housing Tax Credit proper- ties with Land Use Regula- tory Agreements, properties
Established in 1974, CPC is largest Community Develop- ment Financial Institution (CDFI) in the country dedi- cated to investing in housing development. To date, CPC has leveraged approximately $9.7 billion in private and public investment to finance more than 170,660 units of housing. The company’s work with its partners has helped revitalize countless neighborhoods and provided quality housing for families, senior citizens, and individuals with disabilities. n
profit afford- able housing a n d c o m - mun i t y re - vitalization finance com- pany, recent- ly announced the closing of two perma-
CPC is dedicated to bring- ing stable permanent lending capital to multifamily projects in underserved and growing communities throughout the Mid-Atlantic region. Whether providing Conventional Fi- nancing products or capital to address the needs of small buildings through the SBL program, the decades-long partnership between CPC and Freddie Mac offers borrowers reliable loan products tailored
Dick Conley
nent loans under the Freddie Mac Small Balance Loan (SBL) Program. The loans, totaling $4.45 million were used to acquire two small multifamily buildings on Madison Street in Hoboken, New Jersey. CPC delivered a $1.76 million permanent loan for the 6-unit walkup at 301 Madison Street, and $2.69 million permanent loan for the 10-unit walkup at 308 Madison Street. Both loans are structured as 10-year fixed- rate terms with three years of interest only payments and 30-year amortization, at a rate of 4.40 percent. CPC is focused on its core mission of addressing the gap in the market for flexible lend- ing products for small multi- family buildings—a segment of the housing stock that plays a critical role in providing SRD expands presence of Dollar General &Pep Boys in Bordentown BORDENTOWN, NJ — Situated at the traffic lit in- tersection of Rte. 130 and Groveville Rd. in Bordentown, this recently developed two- pad project includes a free- standing Dollar General and Pep Boys. Soloff Realty & Development, inc. (“SRD”) as agent for the landlord, Bordentown Corner LLC, re- cently completed these lease transactions totaling more than 14,646 s/f. David Dunkelman of SRD represented both the landlord and tenant in this 15 year Dol- lar General lease for a 9,100 s/f building. Dunkelman also represented the landlord in the lease sign- ing of a 5,546 s/f Pep Boys. Marc Raiken of Feinberg & McBurney represented the ten- ant in this transaction. This 10 year lease will allow Pep Boys to provide local customers with automotive maintenance, ser- vice, products, and auto parts. n
YOUR PARTNER OF CHOICE FOR MULTIFAMILY LENDING ACQUISITION | REFINANCE | REHABILITATION 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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