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6C — June 22 - July 12, 2018 — Mid-Year Review — M id A tlantic
Real Estate Journal
F inance The Freddie Mac SBL product fills unique financing needs of small multifamily buildings CPC delivers $2.34 million for acquisition of two apartment buildings in Philadelphia
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ness. “Our Small Business Loan program continues to accelerate – offering unique financing solutions to lenders like CPC who play a vital role in keeping housing available – and more importantly – af- fordable.” CPC is focused on its core mission of addressing the gap in the market for flexible lending products for small multifamily buildings—a segment of the housing stock that plays a critical role in providing housing for low- and moderate-income fami- lies. Freddie Mac’s SBL pro-
he Community Pres- ervat i on Corpora- tion (CPC), a leading
tion of two small multifamily buildings in Philadelphia, Pennsylvania. CPC delivered a $1.37 mil- lion permanent loan with Haverford Square Proper- ties LLC for the 3-story, 18- unit residential building at 3838-3842 Haverford Ave in Philadelphia. CPC also closed a $969,000 permanent loan with the same borrower for the 3-story, 12-unit building at 3856-3860 Haverford Ave., also located in Philadelphia. “For a company that spe- cializes in small building finance, Freddie Mac’s SBL
plays a big role in our suite of lending products,” said Michael Staton, Vice Presi- dent & Mortgage Officer at CPC. “Not only does it offer the flexible terms that our borrowers are looking for, but in an environment of rising interest rates, SBL is extremely competitive.” “These transactions are right in our sweet spot—and we’re thrilled to be bringing more workforce housing to major markets like Philadel- phia,” said Stephen Johnson, Freddie Mac vice president, small balance loan busi-
gram is designed to address the need for cost-effective financing solutions for the acquisition and refinancing of small multifamily build- ings and offers a streamlined process for permanent loans between $1 million and $7.5 million. The SBL product can be used for the acquisition and refinancing of properties with five or more units that may have tax abatements and Section 8 housing choice vouchers, senior housing without services, extended- use agreements for proper- ties that are no-longer in the investor compliance period for Low-Income Housing Tax Credit properties, and prop- erties with space for com- mercial use. CPC is dedicated to bring- ing stable permanent lending capital tomultifamily 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 bor- rowers reliable loan products tailored to multifamily devel- opments of all sizes. Though Fiscal Year 2018, CPC has originated more than $436 million in Freddie Mac mul- tifamily loans. About the Community Preservation Corporation Established in 1974, CPC is a nonprofit affordable hous- ing and community revital- ization finance company that believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. The company provides a full suite of capital products through its construction lend- ing, permanent lending, and equity investing platforms. Since inception, CPC has leveraged approximately $10 billion in private and public investment to finance more than 185,000 units of multifamily housing. CPC’s work with its partners has helped revitalize countless neighborhoods and provided quality housing for families, senior citizens, and individu- als with disabilities. Visit CPC at communityp.com, and on Facebook, Twitter and LinkedIn.
n o n p r o f i t a f f o r dab l e housing and community rev i ta l i za- tion finance c o m p a n y , recently an- nounced the c l o s i ng o f
Michael Staton
two permanent loans under the Freddie Mac Small Bal- ance Loan (SBL) Program. The loans, totaling $2.34 mil- lion were used for the acquisi-
YOUR PARTNER OF CHOICE FOR MULTIFAMILY LENDING ACQUISITION | REFINANCE | REHABILITATION | CONSTRUCTION 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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