2B — July 14 - 27, 2017 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey
VPwill focus on bringing Freddie Mac & FHA permanent loan products to NJ communities Michael Staton to lead CPC’s expansion of Permanent Lending Platform in New Jersey
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lending products to multifam- ily building owners throughout the Northeast region with a focus on cultivating new rela- tionships in New Jersey. “Michael’s decades of work at HMFA and experience in affordable housing and com- mercial real estate give him a unique depth of knowledge of communities in New Jersey and throughout the region. He’s a proven problem solver who understands the diver- sity of issues facing owners and developers of multifam- ily housing,” said Rafael E. Cestero, president & CEO of
CPC. “We’re excited to have Michael on the CPC team, and look forward to strengthening our connection and increasing our impact in communities throughout New Jersey.” “Throughout my work in housing and real estate my focus has been on creating relationships and finding in- novative ways to strengthen communities through hous- ing,” said Michael Staton. “I’m proud to have joined a team at CPC that has a history of creating deep relationships with their public and private partners in order to deliver a
diverse lending platform that addresses capital needs across the multifamily industry.” CPC is dedicated to bring- ing flexible capital to own- ers 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 their government partners to provide a suite of permanent loan products uniquely tai- lored to fit the needs of build- ing owners, large and small. CPC is a long-time Freddie
Mac seller/servicer and offers a range of competitively priced, reliable mortgage products for the acquisition or refinance of multifamily properties. This includes Freddie Mac’s Con- ventional Financing with loans ranging from $5 million to $100 million with 5- to 10-year terms, and the Small Balance Loan (SBL) product which helps to close that gap in the market for flexible financing for small buildings by offer- ing loans from $1 million to $6 million with flexible terms, prepayment options, competi- tive low rates, and streamlined pricing, underwriting, closing, and funding process. CPC is also an approved FHA Multifamily Accelerated Processing (MAP) lender with expertise on 223(f) and 221(d) (4). Through theMAP program, CPC offers new construction, rehabilitation, refinance and acquisition loans for all types of multifamily projects with five or more units. With over three decades of commercial mort- gage lending and real estate financing experience, Staton brings a wealth of knowledge and deep expertise of the re- gional market to CPC. From 1985 through 2012, Staton worked for New Jersey Hous- ing and Mortgage Finance Agency (HMFA) where he built a foundation in accounting, asset management, financial management, and credit. In 2004, he became director of multifamily programs and lending, a position he held until 2012. Under Staton’s leader- ship, the agency closed more than 200 multifamily develop- ments with mortgages totaling more than $800 million. After departing the HMFA, Staton became VP of Origina- tions at WNC & Associates, where he managed invest- ments in Low Income Hous- ing Tax Credit properties to support the preservation and creation of affordable housing in New York, New Jersey, and other states in the Northeast. In 2015, Staton joined TD Bank where he led efforts to cultivate relationships with commercial real estate bor- rowers. He also created lend- ing structures for investors, leveraging an array of lending products from conventional construction and permanent financing, tax-exempt bond direct placement, bridge loans, and federal, state, and historic tax credit programs. n
he Community Pres- ervation Corporation (CPC) announced that
Michael Sta- ton, former VP of Com- mercial Real Estate Lend- ing f or TD Bank, N.A., has joined its growing loan originations
Michael Staton
team as a VP and Mortgage Officer. Staton will take a lead role in bringing CPC’s suite of Freddie Mac and Federal Housing Administration (FHA)
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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