CPC Mortgage Co., a subsidiary of Community Preservation Corp., has closed on a $2.4 million Freddie Mac small balance loan for Houk Lofts in Buffalo, N.Y. The 22-unit refinanced property is a historic building.
Located at 316 Grote St., Houk Lofts is within a 12-minute drive of downtown Buffalo. Built in 1910 as a manufacturing facility for the automobile industry, the property was redeveloped in 2013 into a residential building, after 15 years it had sat vacant. According to Buffalo Rising, developer Rocco Termini spent $6.7 million on the conversion of the building. Houk Lofts now includes approximately 1,900 square feet of commercial space.
Recently, other small affordable housing projects in Buffalo have received loans as well. For example, KeyBank financed Elim Townhomes with a $5.4 million construction loan and $6.7 million in nine percent tax credit equity. Belmont Housing Resources and Elim Christian Fellowship are developing the 30-unit property.