14A — May 15 - 28, 2020 — Multifamily Development — M id A tlantic Real Estate Journal
www.marej.com
M ultifamily D evelopment Freddie Mac Optigo SBL loan product fills unique capital needs of NY apartment building CPC Mortgage Company closes $3.9 million in Freddie Mac financing
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house mid-rise property is located at 113 Richardson St. “During these extraordi - nary times multifamily own- ers are still facing the same, if not more challenging issues of finding stable capital and a steady hand to help them navigate the financial needs of their properties,” said John Cannon , president of CPC Mortgage Company. “From finding the best prod - uct to providing first-class technical assistance through - out the process, we’re focused on creating a partnership and ensuring that our borrowers
know we’re here for all of their needs.” “ Fr om Wi l l i ams bu r g , Brooklyn to Mott Haven in the Bronx, small multifam - ily rental buildings are the backbone of our communi- ties,” said Richard Carr , vice president & mortgage originator at CPC Mortgage Company. “The Freddie Mac Small Balance Loan product allows us meet the unique needs of a critical segment of the New York City’s housing stock, and gives our borrow- ers the flexible terms and expedited process they’re
looking for.” Originally built in 2012, the property features one one-bedroom, seven two- bedroom, and one three-bed - room units. All units include an in-suite washer/dryer, dishwasher, stainless steel appliances, marble counter- tops, wood laminate cabi- nets, wood floors throughout, and ceramic-tiled bathroom floors. Through a common area stairwell, all tenants have rooftop access. The Williamsburg neigh - borhood is a cultural center of New York City. This prop -
erty is in close proximity to the subway system, with easy commutes to Midtown Manhattan and Downtown Brooklyn. Additionally, Met - ropolitan Avenue andMcCar - ren Park are located nearby, providing tenants with ample access to restaurants, retail, services, public institutions, recreational activities, and more. CPC Mortgage Company offers a suite of Agency lend- ing products to their partners and customers, including acquisition, refinance, re - habilitation, and construc - tion through Freddie Mac, Fannie Mae, and Federal Housing Administration (FHA) products. The com - pany’s expertise across the industry allows them to pro - vide unparalleled technical assistance and deal execution to their borrowers. With CPC Mortgage Company’s strong ties to their parent company, they help to support the non - profit work of CPC, and their work across a wide range of communities, while support - ing a broad range of capital needs. As a Freddie Mac Optigo lender, CPC Mortgage Com - pany offers a range of com- petitively 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 mar - ket for flexible financing for small buildings by offering loans from $1 million to $7.5 million with flexible terms, prepayment options, competitive low rates, and a streamlined pricing, under- writing, closing, and funding process. FreddieMac’s Tar- geted Affordable Housing (TAH) loans are available to preserve affordable rental housing in underserved com - munities. Eligible properties are affordable to tenants with low and very-low incomes and may include Section 8 financing, Section 236 financ - ing, tax abatements, or other affordability components. CPC Mortgage Company is able to provide cash loans, bond credit enhancements, tax-exempt loans, and other options.
ROOKLYN, NY — CPCMortgageCom- pany LLC , a subsid-
iary of The Communi- ty Preser- vation Cor- p o r a t i o n (CPC) , an- nounced the closing of a $3.9 million F r e d d i e
John Cannon
Mac Optigo Small Balance Loan (SBL) to refinance a nine-unit apartment building in Williamsburg, Brooklyn. The four-story plus pent -
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