Financing preserves affordability in four affordable LIHTC properties totaling 376 units
CPC Mortgage Company, a subsidiary of The Community Preservation Corporation (CPC), and Landmark TC Management, announced the closing of a $14.7 million in Fannie Mae financing to refinance a portfolio of four affordable multifamily properties in Texas and New Mexico totaling 376 units affordable to tenants at or below 60% of Area Median Income. As a mission-focused company, CPC seeks opportunities to provide capital for borrowers in smaller markets such as Roswell and Hobbs, New Mexico where the preservation of affordable housing can be essential to the stability of the community.
“CPC was able to quickly and efficiently close both a bridge loan and subsequent Fannie Mae take-out for our portfolio. We were impressed by their attention to detail, professionalism, and responsiveness. CPC Mortgage Company was able to show their expertise in affordable housing and, through the financing, assist in preserving stable housing for low and moderate income tenants,” said Ron Hance of Landmark TC Management.
“It was a pleasure working with the teams at Landmark TC Management and Fannie Mae to get this LIHTC portfolio refinanced. These four properties have been an important piece of the housing stock in their respective communities, and we’re proud to have been able to play a role in helping our borrower preserve them as affordable for the long-term,” said John Cannon, President of CPC Mortgage Company.
CPC originally provided a bridge loan to Landmark TC Management for a Year 15 reposition, allowing them to buy out the limited partner investor on this portfolio, which was originally built under the 9% Low Income Housing Tax Credit (LIHTC) program. All of the properties are being refinanced using the Fannie Mae Multifamily Affordable Housing (MAH) product.
“We’re proud to have been the lender of choice that Landmark TC Management turned to when it was time to refinance their affordable portfolio,” said Steve Getz, Director of Agency Production at CPC Mortgage Company. “Ensuring our borrower had access to the right financing tools and the ability to close quickly, means that Landmark TC Management will be able to continue to provide their tenants with stable affordable housing.
The Cimarron Springs development, located in Cleburne, Texas is a 156-unit apartment complex that was built as a 9% LIHTC property in 2007 on a 20-acre parcel of land. The property was refinanced with a $6.3 million Fannie Mae MAH loan. The property consists of 11 one- and two-story garden style apartment buildings and has amenities including parking, swimming pool, clubhouse, playground, fitness center, business center, laundry facility, and more.
The Sedona Springs development, located in Odessa, Texas is a 100-unit apartment complex that was built as a 9% LIHTC property in 2006 on a 6-acre parcel of land. The property was refinanced with a $4.8 million Fannie Mae MAH loan. The property consists of 7 one- and two-story garden style apartment buildings and has amenities that include parking, a swimming pool, business center, children’s playroom, computer lounge, fitness center, library, and playground.
The Spicewood Canyon development, located in Roswell, New Mexico is a 60-unit apartment complex that was built as a 9% LIHTC property in 2005 on a 7-acre parcel of land. The property was refinanced with a $1.3 million Fannie Mae MAH loan. The property has amenities including a clubhouse, laundry facility, playground, and business center.
The Willow Bend development, located in Hobbs, New Mexico is a 60-unit apartment complex that was built as a 9% LIHTC property in 2005. The property was refinanced with a $2.4 million Fannie Mae MAH loan. The property has amenities including a clubhouse, fitness center, and playground.
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 that has delivered more than $11.5 billion to finance more than 200,000 units of affordable and workforce housing. 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.