CPC Mortgage Company Delivers $2.3 Million in Freddie Mac Financing to Acquire 32-Unit, Multifamily Property in Charleston, South Carolina

Freddie Mac Small Balance Loan Product Fills Unique Financing Needs of Four-Building, Townhome Complex

Charleston, SC – December 9, 2020 – CPC Mortgage Company, LLC, a subsidiary of the Community Preservation Corporation (CPC), announced the closing of a $2.3 million Freddie Mac Optigo Small Balance Loan (SBL) to acquire a 32-unit, townhome complex in Charleston, South Carolina. The four-building property is located at 1 Rice Drive.

“Here in Charleston and in cities large and small across South Carolina, small multifamily rental properties are the backbone of our communities,” said John Cannon, President of CPC Mortgage Company. “During these extraordinary times, small multifamily owners are still facing the same, if not more challenging issues of finding stable, reliable financing options. From finding the best product to providing first-class technical assistance, we’re focused on creating a partnership and ensuring that our borrowers know they’re more than just a loan number.”

“Small, multifamily building owners face a unique set of challenges when finding suitable financing options,” said Matthew Meskill, Vice President, Mortgage Originator, of CPC Mortgage Company who originated the loan“Using the Freddie Mac Small Balance Loan, we are able to fulfill the capital needs of our borrowers, and provide them with the terms and flexibility that match their properties’ needs.”

Located in the West Ashley neighborhood of Charleston, the property was originally built in 1975 and features 32 two-bedroom units across its four buildings. Each unit includes a patio, washer/dryer hookups, and private exterior entry door, as well as a fully equipped kitchen, dishwasher, built-in microwave, garbage disposal, and carpeting. Capital improvements expected as a result of the loan include new countertops, sinks and fixtures, the addition of a dog park, updated painting and landscaping, and upgrades to the 56-spot parking lot.

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.