Freddie Mac Optigo SBL Loan Product Fills Unique Capital Needs of 9-unit Apartment Building in Williamsburg, Brooklyn
CPC Mortgage Company LLC, a subsidiary of The Community Preservation Corporation (CPC), announced the closing of a $3.9 million Freddie Mac Optigo Small Balance Loan (SBL) to refinance a 9-unit apartment building in Williamsburg, Brooklyn. The four-story plus penthouse mid-rise property is located at 113 Richardson Street.
“During these extraordinary times multifamily owners are still facing the same, if not more challenging issues of finding stable capital and a steady hand to help them navigate the financial needs of their properties,” said John Cannon, President of CPC Mortgage Company. “From finding the best product to providing first-class technical assistance throughout the process, we’re focused on creating a partnership and ensuring that our borrowers know we’re here for all of their needs.”
“From Williamsburg, Brooklyn to Mott Haven in the Bronx, small multifamily rental buildings are the backbone of our communities,” said Richard Carr, Vice President & Mortgage Originator at CPC Mortgage Company. “The Freddie Mac Small Balance Loan product allows us meet the unique needs of a critical segment of the New York City’s housing stock, and gives our borrowers the flexible terms and expedited process they’re looking for.”
Originally built in 2012, the property features one one-bedroom, seven two-bedroom, and one three-bedroom units. All units include an in-suite washer/dryer, dishwasher, stainless steel appliances, marble countertops, wood laminate cabinets, wood floors throughout, and ceramic-tiled bathroom floors. Through a common area stairwell, all tenants have rooftop access.
The Williamsburg neighborhood is a cultural center of New York City. This property is in close proximity to the subway system, with easy commutes to Midtown Manhattan and Downtown Brooklyn. Additionally, Metropolitan Avenue and McCarren Park are located nearby, providing tenants with ample access to restaurants, retail, services, public institutions, recreational activities, and more.
CPC Mortgage Company offers a suite of Agency lending products to their partners and customers, including acquisition, refinance, rehabilitation, and construction through Freddie Mac, Fannie Mae, and Federal Housing Administration (FHA) products. The company’s expertise across the industry allows them to provide unparalleled technical assistance and deal execution to their borrowers. With CPC Mortgage Company’s strong ties to their parent company, they help to support the nonprofit work of CPC, and their work across a wide range of communities, while supporting a broad range of capital needs.
As a Freddie Mac Optigo lender, CPC Mortgage Company 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. Freddie Mac’s Targeted Affordable Housing (TAH) loans are available to preserve affordable rental housing in underserved communities. Eligible properties are affordable to tenants with low and very-low incomes and may include Section 8 financing, Section 236 financing, tax abatements, or other affordability components. CPC Mortgage Company is able to provide cash loans, bond credit enhancements, tax-exempt loans, and other options.
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), an S&P AA- rated, 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.