The Community Preservation Corporation (CPC), a nonprofit affordable housing finance company, announced the closing of three permanent mortgages under the Freddie Mac Small Balance Loan (SBL) product.
Totaling $12 million, the loans were used for the acquisition and refinancing of four multifamily buildings in northern New Jersey.
CPC delivered a $5.3 million permanent loan for the acquisition of the 36-unit residential building at 61 Park Avenue in Paterson, New Jersey.
CPC delivered a $4.7 million permanent loan for the 35-unit building at 475 Grand Avenue in Palisades Park, New Jersey (pictured top).
CPC delivered a $2 million permanent loan to refinance a total of 43 units at 373 and 398 Park Avenue in East Orange, New Jersey.
“Over our more than 40 years of community lending, CPC has been committed to providing products that serve a diverse range of capital needs for multifamily owners and purchasers of all sizes. Whether it’s for acquisition, refi, or rehab – Freddie Mac’s suite of products allow us to provide flexibility and terms that make sense for our borrowers,” said Richard Conley, Senior Vice President and Originations Director at CPC.
CPC provides borrowers with a suite of Freddie Mac and Federal Housing Administration (FHA) products. .