New York Real Estate Journal
August 27, 2013
New York, NY Community Preservation Corp. (CPC) and Esquire Bank (EB) have teamed up to launch a new loan product targeting multifamily building owners in N.Y.C. With the Multi Family Program, CPC will source acquisition and refinancing loans for Esquire Bank. Loans will be for multifamily structures in low and moderate-income neighborhoods in the Bronx, Brooklyn, Manhattan and Queens. After the loan is closed by Esquire Bank, CPC will service the loan on behalf of Esquire Bank and maintain the relationship with the property owner.
The Multi Family Program was developed to offer multifamily property owners an opportunity to take advantage of today's historically low interest rates to refinance and provide modest renovations. The program will provide intermediate term, fixed rate loans ranging from $300,000 to $3.25 million. Loans will be for terms of five and seven years with a maximum amortization schedule of up to 30 years.
"Since its inception nearly 40 years ago, CPC's mission has been to help stabilize, strengthen and sustain low and moderate income neighborhoods in New York City by providing necessary capital for multifamily housing," said Rafael Cestero, President and CEO, The Community Preservation Corporation. "CPC and Esquire Bank's new innovative Multi Family Program allows us to continue our mission of providing owners of affordable housing an opportunity to refinance properties and lower their interest rate."
"Esquire's community-based lending approach has enabled it to serve property owners in neighborhoods where affordable housing is key to the stability and vibrancy of the community. Esquire is striving to fill a market niche to provide affordable financing to owners in the five boroughs," said Ayal Glezer, Chief Lending Officer, Esquire Bank.
For more information, please visit: http://communityp.com/products/multi-family-program.