New York – The Community Preservation Corporation (CPC), a leading nonprofit affordable housing and community revitalization finance company, announced that it delivered approximately $286 million in Freddie Mac financing in 2017. CPC’s lending spanned the scope of Freddie Mac’s products including its Small Balance Loan Program (SBL), conventional financing, and Targeted Affordable Housing program. Of the 105 loans that made up CPC’s Freddie Mac portfolio in 2017, the majority were located throughout New York State with several in New Jersey and Pennsylvania as the company has continued to expand its footprint.
“Freddie Mac’s suite of products is a critical part of our lending tool box, and plays an integral role in our ability to serve the diverse financing needs of our borrowers,” said Rafael E. Cestero, President and CEO of CPC. “Our relationship with Freddie Mac will be more important than ever as we continue to grow our footprint and bring our mission and impact to communities throughout New York and the Northeast region.”
“2017 was a banner year for our Agency lending business, and Freddie Mac was a big part of that success. When we talk to owners and potential purchasers of multifamily properties about their acquisition and refinance deals, we’re seeing a broad range of capital needs. There’s a growing appetite for Freddie’s products because of the flexibility they deliver – and we expect to see that trend continue,” said Richard Conley, Senior Vice President and Originations Director at CPC.
“In 2017, we financed more rental units affordable to working families than ever in Freddie Mac’s history, and the Community Preservation Corporation was an important partner in that achievement,” said Stephen Johnson, vice president of the Small Balance Loan Business at Freddie Mac Multifamily. “Across our programs at Freddie Mac Multifamily, the dedicated staff at CPC worked shoulder-to-shoulder with our team to deliver certainty of execution to our borrowers. We thank CPC for another year of close collaboration, and we look forward to strengthening this relationship in the year ahead.”
| Lending Volume by State | |
| New York | $260 Million |
| Pennsylvania | $14.3 Million |
| New Jersey | $11.5 Million |
CPC’s stellar 2017 lending volume comes as it continues to expand its Agency lending platform, a one-stop-shop that provides borrowers with a team of experts that have deep experience in Freddie Mac and Federal Housing Administration (FHA) lending products. From originations to underwriting and facilitating the deal flow through closing, CPC provides a team solely dedicated to facilitating the Agency lending process.
CPC is dedicated to bringing flexible capital to owners of multifamily buildings in underserved and growing communities. The company has leveraged its more than four decades of community revitalization experience and strategic relationships with their government partners to provide a suite of loan products uniquely tailored to fit the needs of building owners, large and small.
CPC is a long-time Freddie Mac Seller/Servicer and offers a range of competitively priced, reliable mortgage products for the acquisition or 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 SBL product which helps to close that gap in the market for flexible financing for small buildings by offering loans from $1 million up to $7.5 million with flexible terms, prepayment options, competitive low rates, and streamlined pricing, underwriting, closing, and funding process.
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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 has leveraged approximately $10 billion in private and public investment to finance more than 185,000 units of housing. CPC’s work with its partners has helped revitalize countless neighborhoods and provided quality housing for families, senior citizens, and individuals with disabilities. Visit CPC at communityp.com, and on Facebook, Twitter and LinkedIn.