4A — June 28 - July 11, 2019 — M id A tlantic
Real Estate Journal
www.marej.com
M id A tlantic R eal E state J ournal
UFFALO,NY — CPC Mortgage Company LLC , a subsidiary Freddie Mac Optigo Small Balance Loan Product fills unique financing needs of 22-unit property CPC Mortgage Company closes $2.44M deal to refinance multifamily property in Buffalo, NY B
ily buildings have a unique set of needs and challenges when it comes to finding right-sized financing products. At CPC Mortgage Company, we’ve built our foundation on bring- ing products and first-class technical assistance to the small building market,” said Mike DeWitt, vice president & mortgage officer at CPC Mortgage Company LLC. “Freddie Mac’s Small Bal- ance Loan product gives our borrowers the flexibility and terms they’re looking for, and an expedited process that they can depend on.” “This is a unique and his-
toric property, and we’re proud to have worked with CPC to provide financing,” said Lamar Myers of Freddie Mac’s Small Balance Lending team. “Our Small Balance Loan product serves a criti- cal segment of the multifam- ily market. We’re working to deliver financing options to places like Buffalo—where there is an ample supply of smaller apartment buildings, and a need for more choices, better terms and a faster, simpler loan process.” Houk Lofts was originally built in 1910 as a manufactur- ing facility for the automobile
industry, and was owned by Houk Manufacturing Com- pany from 1915 until the end of the Great Depression. The building was vacant for 15 years before being pur- chased by the current owner in 2013, and reconfigured into 22 residential units and approximately 1,900 square feet of commercial space. The property was placed on the National Registry of Historic Places in 2014. CPC Mortgage Company LLC offers a suite of Freddie Mac, Fannie Mae, and Fed- eral Housing Administration (FHA) products for acquisi-
tion, refinance, rehabilitation and construction of multifam- ily properties. The company’s team of experts have deep experience in all aspects of the Agency business to ensure that borrowers receive un- matched technical assistance and deal execution. While offering products for a broad range of capital needs in- cluding flexible bridge loans, with strong ties to the parent company and its mission, CPC Mortgage Company LLC has unique institutional expertise in affordable, stabilized hous- ing and small buildings/small balance loans. In Fiscal Year 2018, the Agency team operated under the CPC umbrella, originat- ing nearly $500 million over a portfolio of 154 loans in New York, New Jersey, Pennsylva- nia, and Massachusetts. As a Freddie Mac Optigo lender, CPC Mortgage Com- pany LLC offers a range of competitively priced, reliable mortgage products for the acquisition and refinance of multifamily properties. This includes Freddie Mac’s conventional financing with loans ranging from $5 mil- lion to $100 million with 5- to 10-year terms, and the SBL product which helps to close the gap in the market for flexible financing for small buildings by offering loans from $1 million to $7.5 million with flexible terms, prepay- ment options, competitive low rates, and a streamlined pricing, underwriting, closing, and funding process. 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 housing choice vouch- ers, senior housing without services, extended-use agree- ments for properties that are no longer in the investor compliance period for Low- Income Housing Tax Credit, and properties with space for commercial use. CPC Mortgage Company LLC is a full-service Agency lender offering a suite of Freddie Mac, Fannie Mae, and Federal Housing Admin- istration (FHA) products. Our scope includes conventional, affordable, and small balance lending for the acquisition, refinance, rehabilitation and construction of multifamily housing.
of The Com- m u n i t y Preserva- t i on Cor - p o r a t i o n (CPC) , an- nounced the closing of a $2 . 44 mi l - lion Freddie
Mike DeWitt
Mac Optigo Small Balance Loan (SBL) to refinance the Houk Lofts, a 22-unit multi- family property at 316 Grote Street in Buffalo. “Owners of small multifam-
UNMATCHED SERVICE AND EXECUTION Fannie Mae • FHA • Freddie Mac Multifamily Capital Solutions
Construction Refinance Acquisition Conventional Financing
Affordable Housing Small Balance Loans Flexible Bridge Financing
CUSTOMIZE YOUR CAPITAL SOLUTION TODAY Mortgagecompany@communityp.com 855.363.4646
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