One of CPC’s first loans under Freddie Mac’s Small Balance Loan (SBL) program, the $2.235 million loan will support the refinancing of this 22-unit moderate-income, mixed-use rental building. The SBL program provides mortgages ranging from $1 – $5 million for the acquisition or refinancing of small multifamily properties with five or more units.
Small multifamily buildings are home to millions of hardworking New Yorkers and are a critical piece of the State’s housing stock. Because many of these buildings are either subsidized, rent stabilized, or in neighborhoods with already low market rents they often provide a haven of affordability to low- and moderate-income households.
However, when it’s time to refinance or find the capital to acquire a small multifamily building many owners discover that there’s a significant shortage of products built to fit their unique needs. Through the innovative SBL, CPC and Freddie Mac are extending financing and flexible terms that are tailored to the unique needs of small building owners, allowing them to provide for the long-term financial sustainability of their properties.
As one of Freddie Mac’s select service sellers for the SBL, we are working to continue our mission of providing smart, flexible lending solutions that preserve and strengthen the housing stock in underserved neighborhoods.