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Debt & Equity

Flexible Fred makes sense for affordable housing investors

Non-profit affordable housing finance company, Community Preservation Corporation (CPC), has closed $11 million in permanent mortgages deals to refinance a trio of Brooklyn apartment buildings.

The loans Freddie Mac Small Balance Loans (SBL), a program for the acquisition and refinancing of properties with five or more units that have tax abatements and Section 8 housing choice vouchers, senior, low-income and other types of affordable properties.

CPC delivered a $6.6 million permanent loan for the refinancing of the 56-unit residential building at 371-391 Etna Street in the Cyprus Hills neighborhood of Brooklyn, New York.

371 Etna Street

The company provided a $2.4 million permanent loan for the refinancing of the four-story, eight-unit building at 786 St. John’s Place in the Crown Heights neighborhood of Brooklyn, New York.

And it delivered a $1.8 million permanent loan to refinance a total of eight units at 104 Fort Greene Place in the Fort Greene neighborhood of Brooklyn, New York.

Richard Conley, senior vice president and originations director at CPC, said. “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.”

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