CPC Originates $11M Refi for Brooklyn Assets

The finance company provided the Freddie Mac loans for three multifamily properties in Cypress Hills, Crown Heights and Fort Greene.

Community Preservation Corp. (CPC) has closed permanent mortgages under Freddie Mac’s Small Balance Loan (SBL) program for 72 units in three Brooklyn multifamily buildings. Totaling nearly $11 million, the loans refinance properties in Cypress Hills, Crown Heights and Fort Greene.

Located at 371-391 Etna St., the first asset encompasses 56 units and received a $6.6 million permanent loan. CPC also delivered $2.4 million for a four-story, eight-unit building situated at 786 St. John’s Place in Crown Heights. The last building, located at 104 Fort Greene Place, consists of eight units and received $1.8 million in financing.

“Over the past year we’ve been seeing a lot of volume with Freddie Mac’s SBL because it offers the flexibility and terms that make sense for the small multifamily building market,” said Richard Conley, senior vice president & originations director at CPC, in prepared remarks.

Recently, CPC was also involved in the redevelopment of a vacant industrial building in Cortland, N.Y., into mixed-income apartments. The adaptive reuse project features more than 100,000 square feet of commercial space as well.

Images via Google Street View

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