CPC Originates $11M Refi for Brooklyn Assets
- Oct 10, 2018
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.
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