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Deals & Dealmakers

CPC filling gap in market for loans that work for small building owners

The former car factory is now 22 loft apartments

CPC Mortgage Company LLC, a subsidiary of The Community Preservation Corporation (CPC), closed a $2.44 million Freddie Mac Optigo Small Balance Loan (SBL) to refinance the Houk Lofts, a 22-unit multifamily property at 316 Grote Street in Buffalo, New York.

“Owners of small multifamily buildings have a unique set of needs and challenges when it comes to finding right-sized financing products. At CPC Mortgage Company, we’ve built our foundation on bringing products and first-class technical assistance to the small building market,” said Mike DeWitt, vice president & mortgage officer at CPC Mortgage Company LLC.

“Freddie Mac’s Small Balance Loan product gives our borrowers the flexibility and terms they’re looking for, and an expedited process that they can depend on.”

Lamar Myers of Freddie Mac’s Small Balance Lending team, added, “Our Small Balance Loan product serves a critical segment of the multifamily market. We’re working to deliver financing options to places like Buffalo — where there is an ample supply of smaller apartment buildings, and a need for more choices, better terms and a faster, simpler loan process.”

Houk Lofts was originally built in 1910 as a manufacturing facility for the automobile industry, and was owned by Houk Manufacturing Company from 1915 until the end of the Great Depression.

The building was vacant for 15 years before being purchased by the current owner in 2013, and reconfigured into 22 residential units and approximately 1,900 s/f of commercial space.

The property was placed on the National Registry of Historic Places in 2014.

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