Freddie Mac Optigo Targeted Affordable Housing Product Fills Unique Financing Needs of 163-Unit Property
The Community Preservation Corporation, a leading nonprofit multifamily housing finance company, announced the closing of $10.2 million in financing through a Freddie Mac Optigo Targeted Affordable Housing (TAH) loan to refinance 163 units of affordable housing at the Harrisburg Park Apartments located at 1410 South 15th Street in Harrisburg, Pennsylvania which is owned by Tryko Partners.
“In this challenging time, it’s more important than ever to ensure that our communities have access to the affordable housing they need,” said Doug Olcott, Senior Vice President and Regional Director at CPC. “We’re proud to partner with Tryko to provide the financing to help preserve the Harrisburg Park Apartments. Freddie Mac’s TAH provided the terms and process our borrower needed to get the most out of their refinance and achieve their goals.”
“Freddie Mac Multifamily is providing financing for affordable housing throughout the United States with investments in properties like Harrisburg Park Apartments,” said Peter Lillestolen, Director of Targeted Affordable Production at Freddie Mac. “Working together with CPC, we are supporting needed renovations while preserving affordability for more than 160 residents.”
Built in 1968, the garden-style apartment complex consists of five, three-story apartment buildings with a total of 163 units of housing affordable to tenants with household incomes at or below 50 percent of the area median income. CPC’s Freddie Mac TAH fixed-rate loan will in part finance the building’s ongoing renovations to both the interior and exterior of all five buildings.
CPC and its Agency lending subsidiary, CPC Mortgage Company offer a suite of products to meet the diverse capital needs of multifamily owners and developers 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.
As a Freddie Mac Optigo lender, the 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 is able to provide cash loans, bond credit enhancements, tax-exempt loans, and other options.
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. The company, which currently carries a AA- issuer rating from S&P Global, 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.