Former Freddie Mac Executive to Lead CPC Mortgage Company LLC, A Nationally Licensed Agency Lending Business Operating In New York and the Northeast U.S.
The Community Preservation Corporation (CPC), a leading nonprofit multifamily finance company, announced that John Cannon will be joining the company as its new President of CPC Mortgage Company LLC, the company’s Agency lending subsidiary that offers a full suite of Freddie Mac, Fannie Mae, and Federal Housing Administration (FHA) products.
“I’m extremely pleased to have somebody with John’s extensive experience in commercial banking and Agency lending joining the CPC family. His expertise and understanding of the multifamily and Agency markets will add tremendous value to our team and put CPC Mortgage Company in a position to continue to build on its growth,” said Rafael E. Cestero, President and CEO of CPC. “Equally as important, John leads by example, is deeply connected to our mission and believes in CPC’s core values.”
Cannon comes to CPC with more than 35 years of extensive experience in commercial banking and Agency lending. He recently served as Senior Vice President at Freddie Mac in New York where he built and managed a highly successful team, and was responsible for overall multifamily origination volume and production strategy. During his tenure at Freddie Mac he oversaw annual production that grew from $28 billion in 2012 to more than $75 billion in 2019. Cannon has similarly held senior leadership positions at Berkadia, Capmark, and GMAC Commercial Mortgage.
“I’m excited to be joining a company like CPC, that has built its success through a dedication to its mission and its commitment to understanding the unique needs of their customers,” said John Cannon. “Rafael and his team have done a fantastic job of recruiting talented originators, underwriters and support staff to CPC Mortgage Company over the last few years, and I believe they’re extremely well positioned to continue to their remarkable growth. I look forward to joining the team and helping to take CPC Mortgage Company to the next level.”
CPC Mortgage Company LLC offers a suite of Freddie Mac, Fannie Mae, and Federal Housing Administration (FHA) products for acquisition, refinance, rehabilitation and construction of multifamily properties. The company’s team of experts have deep experience in all aspects of the Agency business to ensure that borrowers receive unmatched technical assistance and deal execution. While offering products for a broad range of capital needs including flexible bridge loans, with strong ties to the parent company and its mission, CPC Mortgage Company LLC has unique institutional expertise in affordable, stabilized housing and small buildings/small balance loans.
Revenue generated by CPC Mortgage Company LLC helps support the nonprofit mission of CPC, providing innovative capital solutions, fresh thinking, and a collaborative approach to transforming underserved neighborhoods through investments in housing.
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 provides a full suite of capital products through its construction lending, Agency lending, and equity investing platforms. Since inception, CPC has provided roughly $11 billion to finance more than 196,000 units of multifamily housing, and is currently the largest Community Development Financial Institution in the country solely dedicated to investing in multifamily housing. Visit CPC at communityp.com, and on Facebook, Twitter and LinkedIn.
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), a 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