Freddie Mac Optigo Small Balance Loan Product Fills Unique Financing Needs of 85-Unit Property in Northeast Philadelphia
April 11, 2019 – CPC Mortgage Company LLC, a subsidiary of The Community Preservation Corporation (CPC), announced the closing of a $4.9 million Freddie Mac Optigo Small Balance Loan (SBL) to refinance the Lawndale Court Apartments, an 85-unit multifamily property at 6000 Tabor Avenue in Philadelphia, Pennsylvania.
“Smaller multifamily buildings are a crucial component of the housing stock in Philadelphia and communities throughout Pennsylvania,” said Louis Tiberio, Vice President and Mortgage Officer at CPC Mortgage Company. “Owners of small buildings are a significant part of our customer base, and they have unique capital needs that aren’t readily met by the market. The Small Balance Loan product gives us a tool that makes sense for our borrowers and gives them the flexibility and terms they’re looking for.”
“More than 90 percent of the 85 units financed at Lawndale Court are affordable to very low-income Philadelphians earning 50 percent of Area Median Income or less,” said Lamar Myers, Northeast Production Manager for Freddie Mac’s Small Balance Loan business. “This execution is a great example of how our Optigo Small Balance Loans can support workforce and affordable housing. We’re proud to continue working with CPC Mortgage Company to revitalize communities.”
CPC Mortgage Company LLC offers a suite of Freddie Mac, Fannie Mae, and Federal Housing Administration (FHA) products for acquisition, refinance, rehabilitation and construction of multifamily properties. The company’s team of experts have deep experience in all aspects of the Agency business to ensure that borrowers receive unmatched technical assistance and deal execution. While offering products for a broad range of capital needs including flexible bridge loans, with strong ties to the parent company and its mission, CPC Mortgage Company LLC has unique institutional expertise in affordable, stabilized housing and small buildings/small balance loans.
In Fiscal Year 2018, the Agency team operated under the CPC umbrella, originating nearly $500 million over a portfolio of 154 loans in New York, New Jersey, Pennsylvania, and Massachusetts.
As a Freddie Mac Optigo lender, CPC Mortgage Company LLC 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 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 a 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 and CPC Mortgage Company’s full suite of products, contact Louis Tiberio at Ltiberio@communityp.com or 267-753-7021.
About CPC Mortgage Company LLC
CPC Mortgage Company LLC is a full-service Agency lender offering a suite of Freddie Mac, Fannie Mae, and Federal Housing Administration (FHA) products. Our scope includes conventional, affordable, and small balance lending for the acquisition, refinance, rehabilitation and construction of multifamily housing. CPC Mortgage Company LLC is a subsidiary of The Community Preservation Corporation (CPC), a nonprofit multifamily finance company founded in 1974. Revenue generated by CPC Mortgage Company LLC supports the mission of CPC, allowing it to have a greater impact with its investments in housing and community development. Visit us at communityp.com/mortgagecompany
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