CPC Mortgage Company, a subsidiary of The Community Preservation Corporation (CPC), announced the closing of $77.6 million in Freddie Mac conventional refinancing for The View on Nob Hill, a 416-unit multifamily property located in Elmsford, New York.
The property is owned by funds managed by the Real Estate Group of Ares Management Corporation, which bought it for $101 million in 2018 and set about upgrading the community.
“We appreciate that Ares chose CPC Mortgage Company to provide this loan. As part of a nonprofit finance company, it’s important that the work we do and the partnerships we create track with our mission of providing capital that helps preserve and revitalize the housing stock of the communities we serve. We’re proud to work with a company like Ares that puts its values forward and is committed to being a good steward of the properties and communities they invest in,” said John Cannon, President, CPC Mortgage Company.
Cannon added, “At the time funds managed by Ares acquired the property in 2018, the property suffered from significant deferred maintenance. Since its acquisition, Ares has revitalized the property to ensure that the tenants have access to high-quality, safe and stable homes and it has invested substantial capital for renovations and upgrades. We look forward to supporting Ares as they execute their strategic plan for this property.”
Built in 1993, The View on Nob Hill is a 416‐unit, garden‐style apartment complex consisting of 22, two-story apartment buildings. Twenty percent of the total units are rented as affordable housing and are income-restricted to moderate- and low-income tenants.
“It’s been a pleasure working with the teams at CPC Mortgage Company and Freddie Mac, and we appreciate the professionalism and transparency of all of the parties involved in ensuring that the loan was closed on-time and as planned,” said Howard Huang, Partner in the Ares Real Estate Group. “Ares is a company that strives to be a driver for positive change in the communities where it invests and operates. We are proud that our association with CPC on this loan will support the affordable housing and neighborhood revitalization mission of their nonprofit parent company, as well as our goal of continuing to rehabilitate and stabilize this property.”