Freddie Mac Small Balance Loan Product Fills Unique Financing Needs of 7-unit Multifamily Building in Old City
NEW YORK, NY — The Community Preservation Corporation (CPC), a leading nonprofit affordable housing and community revitalization finance company, announced the closing of a $2 million Freddie Mac Small Balance Loan (SBL) to refinance the 7-unit multifamily property at 36 North 3rd Street in the Old City section of Philadelphia, Pennsylvania.
“Smaller multifamily buildings are at the core of Philadelphia communities, providing stable housing for its hardworking residents,” said Louis Tiberio, Vice President and Mortgage Officer at CPC. “At CPC we’re committed to providing products that serve the unique capital needs of small building owners, and Freddie Mac’s SBL offers the flexibility and terms that make sense for our borrowers.”
CPC provides borrowers with a suite of Freddie Mac and Federal Housing Administration (FHA) products. From originations to underwriting and facilitating the deal flow through closing, CPC’s team is dedicated to facilitating the Agency lending process. 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 loan products uniquely tailored to fit the needs of building owners, large and small.
In Fiscal Year 2018, CPC originated approximately $495 million through its Agency lending business in New York, New Jersey, Pennsylvania, and Massachusetts.
As a long-time Freddie Mac Seller/Servicer, CPC offers a range of competitively priced, reliable mortgage products for the acquisition and 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 the gap in the market for flexible financing for small buildings by offering loans from $1 million to $7.5 million with flexible terms, prepayment options, competitive low rates, and streamlined pricing, underwriting, closing, and funding process.
The SBL product can be used for the acquisition and refinancing of properties with five or more units that may have tax abatements and Section 8 housing choice vouchers, senior housing without services, extended-use agreements for properties that are no longer in the investor compliance period for Low-Income Housing Tax Credit, and properties with space for commercial use.
For more information on the Freddie Mac SBL product, contact Louis Tiberio at Ltiberio@communityp.com or 267-753-7021.
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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. The company provides a full suite of capital products through its construction lending, permanent lending, and equity investing platforms. Since inception, CPC has leveraged approximately $10 billion in private and public investment to finance more than 185,000 units of multifamily housing. CPC’s work with its partners has helped revitalize countless neighborhoods and provided quality housing for families, senior citizens, and individuals with disabilities. Visit CPC at communityp.com, and on Facebook, Twitter and LinkedIn.