CPC Mortgage Company and Launch Development Close on $57 Million Loan to Refinance 291-Unit Apartment Complex in Overland Park, Kansas

Located only 10 miles outside of Kansas City, the Promontory Apartments features a host of amenities in a vibrant and growing community

September 27, 2021CPC Mortgage Company LLC, a subsidiary of The Community Preservation Corporation (CPC) announced the closing of $57 million in Freddie Mac Conventional financing with Launch Development and its affiliate Phoenix III, LLC to refinance the Promontory apartment community, a mid-rise apartment building consisting of 291 rental units located in the Overland Park community – just minutes from Kansas City.

“We are excited to begin this new partnership with Launch Development. Our mission is to provide capital that helps preserve and revitalize the housing stock of the communities we serve,” said John Cannon, President, CPC Mortgage Company. “We’re proud to work with a company like Launch Development that puts its values forward and is committed to being a good steward of the properties and communities they invest in by developing over 290 units of housing in the Kansas City market. My thanks to our partners at Launch Development, and our thanks to Noah Laredo and Clark Finney of BMC Capital who acted as a financial intermediary on this transaction.”

“It has been a pleasure working with the teams at CPC Mortgage Company and Freddie Mac. We were impressed with the level of professionalism and transparency that was exhibited by everyone throughout the loan application and closing process,” Kurt Rhoden, President, Launch Development. In addition, because we took advantage of Freddie Mac’s ability to lock the US treasury yield index, and given ever-improving property level fundamentals, we were able to obtain an interest rate and loan-level that was better than originally anticipated.”

Promontory Apartments is a mid-rise building that was built in 2019 and features 291 rental apartments. The property features an extensive amenity package including, two outdoor courtyards with video wall, pool, BBQ and Bocce’ Ball area, a business center, clubhouse, common area Wi-Fi, 3-acre Greenspace / Dog Park, fitness center and yoga studio, game room, rooftop area and outdoor/indoor bar and lounge. Each apartment features full appliance packages with in-unit washers and dryers, air conditioning, high end finishes and flooring as well as vaulted ceilings and private outdoor space.

Promontory Apartments is located within Johnson County Kansas in the City of Overland Park, a dynamic suburb of Kansas City, filled with extensive retail options, excellent schools and serene residential areas. Promontory is also only minutes from Kansas City, home to a diverse economy encompassing the agricultural, manufacturing, and governmental sectors, as well as a rich cultural center, featuring live blues and jazz music, theatre companies, and distinctive cuisine and dining.

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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.