8-19-22

8A — August 19 - September 15, 2022 — Investment/Multifamily Financing — Financial Digest — M id A tlantic Real Estate Journal

www.marej.com

I nvestment /M ultifamily F inancing

Partnership of nonprofit companies bring social responsibility lens to mortgage lending CPC adds National Equity Fund, Cinnaire as partners in CPC Mortgage Company

N EW YORK, NY — The Community Preservation Cor-

conventional, affordable, and small balance lending for the acquisition, refinance, reha- bilitation and development of multifamily housing. “Our mission is to leverage the unique expertise of this partnership to bring flexible agency mortgage capital to communities to expand and preserve affordable and work- force housing. We’re moving the mortgage industry towards a place where we can ask the question, where do we need to be to make the biggest impact, and how can we use our unique skills and reach as nonprofits and affordable housing ex- perts,” said John Cannon , president of CPC Mortgage Company. “Whether it’s afford- able, conventional, or small we look at every deal through a lens of impact and potential, and every borrower and every transaction has the ability to help us continue our work of investing in communities.” “At a time when we are facing a national housing availability and affordability crisis we need to marshal our resources to expand and preserve housing in our communities. When we originally launched CPC Mort- gage Company, our goal was to use our unique experience as a nonprofit lender to reach multifamily owners who either didn’t have access to agency products, or didn’t have the

technical expertise needed to take advantage of them. We’re extremely pleased to have two mission-aligned companies like Cinnaire and NEF joining us to help expand our impact and ability to reach the owners and communities that are most in need,” said Rafael E. Cestero , CEO of The Community Pres- ervation Corporation. “Cinnaire is acutely aware of the challenges that many developers face in accessing capital in the affordable hous- ing industry, and we are com- mitted to expanding access to financing that supports multi - family development in areas that need it most,” said Mark McDaniel , president and CEO at Cinnaire. “It was a priority for us to partner with organi- zations with the same mission and we are looking forward to joining CPC and NEF in pro- viding developers expanded ac- cess to quality financial tools to build equitable communities.” “At National Equity Fund, everything we do is in service of our mission to deliver innova- tive, collaborative financial so - lutions to expand the creation and preservation of affordable housing,” said Matt Reilein , president and CEO of NEF. “Our joint partnership in CPC Mortgage Company presents a powerful opportunity to offer additional nonprofit, mission- driven capital solutions for

developers to build and main- tain safe, stable, and affordable housing to help residents and communities to thrive for the long-term.” CPC Mortgage Company is the only Agency seller/servicer bringing an impact model to mortgage lending. CPC Mortgage Company works with owners and investors of all sizes, who are seek- ing a like-minded partner that understands the unique capital needs of their hous- ing stock, to increase access to flexible agency capital with the ultimate goal of expanding and preserving affordable and workforce housing, CPC Mortgage Company is a mission-aligned partner helping Freddie Mac and Fan- nie Mae achieve their goals under Duty to Serve plans. By reaching beyond the tradi- tional Agency customer base to owners of multifamily rental properties in overlooked and underserved communities, the new cooperative owners of CPC Mortgage Company aim to preserve the stability and affordability of rental housing in neighborhoods where it’s needed most. For borrowers and institu- tional investors who are fo- cused on Environment, Social, and Governance (ESG) princi- pals, CPC Mortgage Company provides the unique opportu- developing,” said Pizzolato. “Co- lumbia Bank recognized this, and we were able to negotiate a five-year, fixed-rate loan at an attractive interest rate with several years of interest only.” In a separate transaction, JLL Capital Markets an- nounced today that it has arranged $9.775 million in construction financing for One Mallory, a 44-unit, seven-story luxury multi-housing develop- ment at 70 Fisk St. in Jersey City’s West Side. JLL represented the bor- rower, 70 Fisk, LLC, to secure the 2.5-year, floating-rate con - struction loan through Spen- cer Savings Bank. With an anticipated comple- tion by the spring of 2024, One Mallory will feature studio, one and two-bedroom units with gourmet kitchens, quartz countertops, subway tile back- splashes, wood plank-style flooring, in-unit washers and dryers, stylish tiled bathrooms,

nity to put their mortgage dol- lars to work supporting social equity in communities. The revenue generated through CPC Mortgage Company’s lending and servicing supports its three members’ nonprofit missions and work to create a positive social impact through their investments in housing and community development across the country. By doing business with CPC Mortgage Company, its cus- tomers are helping CPC, Cin- naire and NEF create more sustainable communities, ad- dress issues of racial equity in housing and development, and expand and preserve affordable and workforce housing in un- derserved communities. CPC Mortgage Company was initially launched as a fully-owned subsidiary of CPC in Fiscal Year 2019, with its fo- cus on bringing the company’s expertise in affordable housing and small building finance to the mortgage market. In Fis- cal Year 2022 CPC Mortgage Company executed more than $560 million in Agency origi- nations, keeping up a pace of roughly 32 percent year over year growth. Since inception, 97 percent of units financed by CPC Mortgage Company have been affordable, 77 percent being affordable to households earning less than 80 percent of area median income. MAREJ stainless steel appliances and private terraces in select units. The building will offer state-of- the-art community amenities, including an 1,800 s/f rooftop deck with lounge seating and scenic city views, a modern fit - ness center, an oversized resi- dent lounge with televisions and a wet bar, a secure package room, electric car charging sta- tions, bike storage and covered parking for 22 vehicles. Situated at 70 Fisk St., the property benefits from its ex - ceptional access to the area’s strong transportation network. The Hudson-Bergen Light Rail West Side Avenue station is just two blocks from the prop- erty, which provides service to commuters along the water- front and transfers into NYC The JLL Capital Markets Debt Advisory team repre- senting the borrower was led by director Max Custer and senior director Thomas E. Didio, Jr. MAREJ

porat i on (CPC), Na- tional Eq- uity Fund (NEF), and Cinnaire an- nounced their joint partner- ship in CPC Mortgage

John Cannon

Company , a national mort- gage lending company special- izing in multifamily agency finance products. This first-of- its-kind cooperative leverages the resources and expertise of its three nonprofit owners to increase access to flexible agency mortgage capital in communities where it is needed most, with the goal of expand- ing and preserving affordable and workforce housing. CPC Mortgage Company also pro- vides a new avenue for socially responsible investments in housing, giving multifamily owners and investors an op- portunity to access permanent capital, while supporting and advancing its members’ non- profit work to create a positive impact in communities. CPC Mortgage Company is the only nonprofit lender with a suite of Freddie Mac, Fannie Mae, and Federal Housing Administration (FHA ) products including MORRISTOWN, NJ — JLL Capital Markets announced that it has arranged the $19 million financing for 231WHK, a newly built 60-unit multi- housing community in Wee- hawken. JLL represented a private developer to secure the five- year, fixed-rate loan through Columbia Bank . 231WHK is a LEED Plati - num and Energy Star certified building featuring cutting edge architectural limestone and a glass façade on the exterior. It offers a unique unit mix of studio, one- and two-bedroom floorplans, as well as a retail space off Palisades Avenue. Units include real wood veneer cabinetry, stainless steel ap- pliances, in-unit washers and dryers, high efficiency tankless hot water heaters and quiet hydronic-ducted HVAC units. The property offers two garag- es with 70 parking spaces, bike storage, electric car charging, a

JLL Capital Markets completes financing for the 60-unit 231WHK

231WHK

The JLL Capital Markets Debt Advisory team repre- senting the borrower was led by Matthew Pizzolato and Gerard Quinn . “Even with all the market volatility, there was no short- age of interest from the lend- ing community for this luxury multi-housing asset that our client did a tremendous job

common room and terrace and a resident gym. Located at 231 32nd St., the property offers easy connectiv- ity to midtown Manhattan by car or public transportation. Residents have access to the waterfront in Hoboken, the arts and entertainment in Jersey City and the numerous restaurants in Union City.

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