CPC’s New Vice President Will Focus on Bringing Freddie Mac & FHA Permanent Loan Products to Communities Throughout New Jersey
The Community Preservation Corporation (CPC) announced that Michael Staton, former Vice President of Commercial Real Estate Lending for TD Bank, N.A., has joined its growing loan originations team as a Vice President and Mortgage Officer. Mr. Staton will take a lead role in bringing CPC’s suite of Freddie Mac and Federal Housing Administration (FHA) lending products to multifamily building owners throughout the Northeast region with a focus on cultivating new relationships in New Jersey.
“Michael’s decades of work at HMFA and experience in affordable housing and commercial real estate give him a unique depth of knowledge of communities in New Jersey and throughout the region. He’s a proven problem solver who understands the diversity of issues facing owners and developers of multifamily housing,” said Rafael E. Cestero, President & CEO of CPC. “We’re excited to have Michael on the CPC team, and look forward to strengthening our connection and increasing our impact in communities throughout New Jersey.”
“Throughout my work in housing and real estate my focus has been on creating relationships and finding innovative ways to strengthen communities through housing,” said Michael Staton. “I’m proud to have joined a team at CPC that has a history of creating deep relationships with their public and private partners in order to deliver a diverse lending platform that addresses capital needs across the multifamily industry.”
CPC is dedicated to bringing flexible capital to owners of multifamily buildings in underserved and growing communities. The company has leveraged its more than four decades of community revitalization experience and strategic relationships with their government partners to provide a suite of permanent loan products uniquely tailored to fit the needs of building owners, large and small.
CPC is a long-time Freddie Mac Seller/Servicer and offers a range of competitively priced, reliable mortgage products for the acquisition or refinance of multifamily properties. This includes Freddie Mac’s Conventional Financing with loans ranging from $5 million to $100 million with 5- to 10-year terms, and the Small Balance Loan (SBL) product which helps to close that gap in the market for flexible financing for small buildings by offering loans from $1 million to $6 million with flexible terms, prepayment options, competitive low rates, and streamlined pricing, underwriting, closing, and funding process.
CPC is also an approved FHA Multifamily Accelerated Processing (MAP) lender with expertise on 223(f) and 221(d)(4). Through the MAP program, CPC offers new construction, rehabilitation, refinance and acquisition loans for all types of multifamily projects with five or more units.
With over three decades of commercial mortgage lending and real estate financing experience, Mr. Staton brings a wealth of knowledge and deep expertise of the regional market to CPC. From 1985 through 2012, Mr. Staton worked for New Jersey Housing and Mortgage Finance Agency (HMFA) where he built a foundation in accounting, asset management, financial management, and credit. In 2004, he became Director of Multifamily Programs and Lending, a position he held until 2012. Under Mr. Staton’s leadership, the agency closed more than 200 multifamily developments with mortgages totaling more than $800 million.
After departing the HMFA, Mr. Staton became Vice President of Originations at WNC & Associates, where he managed investments in Low Income Housing Tax Credit properties to support the preservation and creation of affordable housing in New York, New Jersey, and other states in the Northeast. In 2015, Mr. Staton joined TD Bank where he led efforts to cultivate relationships with commercial real estate borrowers. He also created lending structures for investors, leveraging an array of lending products from conventional construction and permanent financing, tax-exempt bond direct placement, bridge loans, and federal, state, and historic tax credit programs.
Mr. Staton received an M.A. in Human Services Administration from Rider University and a B.S. in Finance from Hampton University.
About The Community Preservation Corporation (CPC)
Established in 1974, CPC is a nonprofit affordable housing and community revitalization finance company that believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. We provide innovative capital solutions, fresh thinking and a collaborative approach to the often complex challenges that owners and developers of multifamily housing face. To date, CPC has leveraged approximately $9.7 billion in private and public investment to finance more than 170,660 units of housing. Our work with our partners has helped revitalize countless neighborhoods and provided quality housing for families, senior citizens, and individuals with disabilities. Follow us at communityp.com, and on Facebook, Twitter and LinkedIn.