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Posted: January 12th, 2010Real Estate Weekly
The Community Preservation Corporation (CPC), a non-profit affordable housing lender, closed on a $2.627 million Freddie Mac permanent loan to acquire and refinance Magellan Manor Apartments in Atlantic City, New Jersey. Located on Sewell Avenue in the Marina District, the development is fully occupied and consists of ten buildings, containing 77 Section 8 low-income rental units designated for working families. This loan was originated pursuant to Freddie's Floating-Rate Capped ARM Program and has a very favorable prepayment feature which permits up to 100% prepayment subject to a minimal fee. Issues related to potential difficulties with the buildings' expiring Section 8 agreement were resolved in a creative collaboration with the U.S. Department of Housing & Urban Development (HUD), CPC, the borrower and Freddie Mac in underwriting and closing the transaction.
Finance
Real Estate Weekly
December 23, 2009
The Community Preservation Corporation (CPC), a non-profit affordable housing lender, closed on a $2.627 million Freddie Mac permanent loan to acquire and refinance Magellan Manor Apartments in Atlantic City, New Jersey. Located on Sewell Avenue in the Marina District, the development is fully occupied and consists of ten buildings, containing 77 Section 8 low-income rental units designated for working families. This loan was originated pursuant to Freddie's Floating-Rate Capped ARM Program and has a very favorable prepayment feature which permits up to 100% prepayment subject to a minimal fee. Issues related to potential difficulties with the buildings' expiring Section 8 agreement were resolved in a creative collaboration with the U.S. Department of Housing & Urban Development (HUD), CPC, the borrower and Freddie Mac in underwriting and closing the transaction.
