CPC Mortgage Company Delivers $8.6 Million to Refinance 66-Unit Multifamily Property in LA County

Freddie Mac Conventional Loan will refinance 66-unit rental property, Oasis Apartments in Gardena, California

CPC Mortgage Company, LLC, a subsidiary of the Community Preservation Corporation (CPC), and Tyrone Vaughan, owner of the Oasis Apartments, recently closed on $8.6 million in Freddie Mac Conventional Capital Markets Execution (CME) financing to refinance the 66-unit rental property in Gardena, California.

“LA is the most populous county in the nation and its multifamily stock is as varied and diverse as the people it serves. At CPC Mortgage Company we have the expertise and products to deliver the right financing solutions for multifamily properties of all sizes,” said David Galst, Vice President & Mortgage Officer at CPC Mortgage Company. “We’re proud to partner with Tyrone Vaughn, and are committed to supporting multifamily owners like him with the financing options they need so they can continue to provide quality housing for their tenants.”

“David Galst and CPC Mortgage Company did a great job securing very attractive financing terms, and delivered our loan as promised and on schedule. Their partnership made the whole process very easy,” said Tyrone Vaughn, Managing Member of 13605 Vermont Apartments LLC.

Located at 13605 S. Vermont Avenue in the South Bay area of LA County, Oasis Apartments consists of 66 units across the two-story, garden style apartment building including 8 studio, 56 one-bedroom, and 8 two-bedroom units. Common area amenities include a pool, 60 carport parking spaces, and shared laundry facilities. Recent renovations include a new roof, and several units receiving new flooring, appliances, finishes, and plumbing fixtures.

CPC Mortgage Company offers a suite of financing options for the acquisition, refinance, rehabilitation, and construction of multifamily properties 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.