Property Consists of Twenty-Two, Two-Story Buildings With 20 Percent of Units Rented as Income-Restricted Affordable Housing
CPC Mortgage Company, a subsidiary of The Community Preservation Corporation (CPC), announced the closing of $77.6 million in Freddie Mac conventional refinancing for The View on Nob Hill, a 416-unit multifamily property located in Elmsford, New York. The property is owned by funds managed by the Real Estate Group of Ares Management Corporation.
“We appreciate that Ares chose CPC Mortgage Company to provide this loan. As part of a nonprofit finance company, it’s important that the work we do and the partnerships we create track with our mission of providing capital that helps preserve and revitalize the housing stock of the communities we serve. We’re proud to work with a company like Ares that puts its values forward and is committed to being a good steward of the properties and communities they invest in,” said John Cannon, President, CPC Mortgage Company.
John Cannon added, “At the time funds managed by Ares acquired the property in 2018, the property suffered from significant deferred maintenance. Since its acquisition, Ares has revitalized the property to ensure that the tenants have access to high-quality, safe and stable homes and it has invested substantial capital for renovations and upgrades. We look forward to supporting Ares as they execute their strategic plan for this property.”
Built in 1993, The View on Nob Hill is a 416‐unit, garden‐style apartment complex consisting of 22, two-story apartment buildings. Twenty percent of the total units are rented as affordable housing and are income-restricted to moderate- and low-income tenants.
“It’s been a pleasure working with the teams at CPC Mortgage Company and Freddie Mac, and we appreciate the professionalism and transparency of all of the parties involved in ensuring that the loan was closed on-time and as planned,” said Howard Huang, Partner in the Ares Real Estate Group. “Ares is a company that strives to be a driver for positive change in the communities where it invests and operates. We are proud that our association with CPC on this loan will support the affordable housing and neighborhood revitalization mission of their nonprofit parent company, as well as our goal of continuing to rehabilitate and stabilize this property.”
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 $12 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
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager operating integrated businesses across Credit, Private Equity, Real Estate and Strategic Initiatives. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2021, Ares Management's global platform had approximately $207 billion of assets under management with more than 1,450 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.