Freddie Mac Conventional Loans will refinance age-restricted rental properties in Cohoes and Schodack, NY totaling 181 Rental Units
The Community Preservation Corporation (CPC), a leading nonprofit multifamily finance and community revitalization company, and Finning Properties announced the closing of two Freddie Mac Conventional Capital Markets Execution (CME) loans to refinance 181 combined units of age-restricted rental housing for adults 50 years and over located in New York’s Capital Region. Both properties are managed by Finning Properties, a local company with decades of experience managing and developing communities in the Capital Region.
“The Capital Region has a diversity of housing types and each has its own set of unique financial needs. At CPC we’ve been delivering flexible capital and hands-on technical assistance to multifamily owners and purchasers of all sizes and in all types of neighborhoods - from the suburbs, to historic downtowns, and rural areas. We’re proud to have been able to partner with Finning Properties to refinance these two properties, and help them continue to provide quality housing to the Cohoes and Schodack communities,” said Patrick Miller, Neighborhood Mortgage Officer at CPC.
Constructed in 2006 and located at 1100 Waterside Way in Cohoes, New York, Waterside Senior Apartments consists of 132 units across the two, three-story, garden style apartment buildings. Common area amenities include two fitness centers, lounges, and an outdoor gazebo, accessible to all residents. Convenient to Albany’s Central Business District and just two miles from historic downtown Troy, the property also has easy access to local and regional transportation networks.
Originally built in 2005, Brook Pointe Senior Apartments is a 49-unit, garden-style apartment complex located at 2055 East Schodack Road in Schodack, New York, just outside of Albany. The two-story building also has a community room and fitness center.
Through CPC’s Freddie Mac’s Conventional financing, Finning Properties is using $9.5 million to refinance Waterside Senior Apartments, and $3.6 million to refinance Brook Pointe Senior Apartments.
In addition to its construction lending business, CPC offers a full suite of financing products from Freddie Mac, Fannie Mae, and Federal Housing Administration (FHA) for the acquisition, refinance, rehabilitation, and construction of multifamily properties. The company’s expertise across the industry allows it to provide unparalleled technical assistance and deal execution to their borrowers.
As a Freddie Mac Optigo lender, 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, the Small Balance Loan (SBL) product which helps to close the gap in the market for flexible financing for small buildings, and the Targeted Affordable Housing (TAH) product to preserve affordable rental housing in underserved communities.
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. A carbon neutral company which currently carries a AA- issuer rating from S&P Global, CPC provides a full suite of capital products through its construction lending, Agency lending, and equity investing platforms. Since inception, CPC has provided more than $11 billion to finance over 196,000 units of housing, and is currently one of the largest Community Development Financial Institutions in the country dedicated to investing in multifamily housing. Visit CPC at communityp.com, and on Facebook, Twitter and LinkedIn.
About Finning Properties
Finning Properties was established in 1982 and was built from the ground up by founder James Finning. Today, Finning Properties is focused on apartment rentals and developing communities in the Capital Region of New York. Our apartment rentals are some of the best rental values in the Capital Region of New York. We are committed to the safety, happiness and comfort of our residents. Over twenty-five years we have developed our communities to ensure that living in a Finning property is pleasant and convenient.