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Community Stabilization Partners

Community Stabilization Partners (CSP) is a joint venture consisting of managing member The Community Preservation Corporation (CPC), along with Neighborhood Restore, and Related Fund Management (RFM). 

Following the collapse of Signature Bank, the Federal Deposit Insurance Company (FDIC) temporarily took over the bank’s commercial real estate loan portfolio and divided the loans into pools, with temporary servicing handled by Flagstar. In November 2023, the companies comprising CSP applied to partner with the FDIC to service the rent stabilized portion of Signature Bank’s multifamily commercial real estate portfolio. CSP and the FDIC closed on the transaction on December 15, 2023.

About Community Stabilization Partners

Signature Bank was the second largest lender to the New York City rent regulated multifamily market, and the bank’s collapse put both the owners and tenants of these properties in a precarious position. As a partner with the FDIC and servicer of the stabilized loan portfolio, CSP is focused on preserving the long-term affordability as well as the physical quality and financial stability of the properties. 

We believe that New York City’s rent regulated properties represent an irreplaceable and essential piece of the housing stock, providing affordable homes to moderate- and low-income tenants. Together, CPC, Neighborhood Restore, and Related Fund Management have decades of experience financing in financing, management, and loan servicing of affordable and rent controlled multifamily housing. Additionally, CPC and Neighborhood Restore have decades of experience working in partnership with The New York City Department of Housing Preservation & Development to successfully preserve thousands of units of affordable housing across the City of New York.

We understand the unique role that rent regulated housing plays in New York City, the distinct financial challenges facing its owners and operators in today’s market, and its importance as a haven of affordability to its tenants.

Community Preservation Corporation

CPC is a nonprofit multifamily finance company that was founded in 1974 to provide financial resources to stabilize and revitalize underserved communities. Today, CPC uses its unique expertise in housing finance and public policy to expand access to affordable housing and drive down the costs of housing production, advance diversity and equity within the development industry, and address the effects of climate change in our communities through the financing of sustainable housing. Since its founding, CPC has invested over $14 billion to finance the creation and preservation of more than 225,000 units of housing and has approximately 4,200 affordable units under ownership. CPC is a carbon neutral company and has been rated AA- by S&P.

Neighborhood Restore

Neighborhood Restore Housing Development Fund Corporation (“Neighborhood Restore”) and its affiliate not-for-profit entities collaborate with city, state and federal housing agencies on programs that seek to foster neighborhood stabilization by efficiently transitioning properties from physical and financial abandonment to responsible third-party ownership. Since its formation in 1999, Neighborhood Restore has successfully implemented affordable housing development and preservation programs throughout New York City while maintaining strong relationships with government, lenders, and community partners. Over time, it has emerged as an incubator for housing development programs focused on transforming distressed properties into affordable community assets.

Related Fund Management

Related Fund Management (RFM) is a strategic investor in the partnership. Founded in 2009, RFM has established itself over more than a decade as a highly skilled and differentiated real estate investment manager. With approximately $12 billion of assets under management, RFM and its affiliates have a long history in affordable housing preservation.

Welcome to CPC Loan Servicing

If you are a former Signature Bank multifamily mortgage holder with loans in the afore referenced pools, as of February 9, 2024, CPC is the loan servicer of record for your loan.

CPC, on behalf of CSP, will continue to contact you to provide information on what to expect regarding things such as payments, insurance requirements, property inspections, and financial reporting. You will be assigned a specific servicing contact in the coming weeks. Upon the transfer date, CPC will be the servicer of record for your loans.

For general questions related to the servicing of your loan, please reach out to [email protected]