Mr. Tancredi will serve as Vice President, Manager of Freddie Mac Conventional and Targeted Affordable Underwriting, while Mr. Deegan will be Vice President, Manager of FHA Lending and Originations
New York, January 24, 2018 – The Community Preservation Corporation (CPC), a leading not-for-profit affordable housing and neighborhood revitalization lender, today announced two new executive hires: Joseph Tancredi as Vice President, Manager of Freddie Mac Conventional and Targeted Affordable Underwriting, and Timothy Deegan as Vice President, Manager of FHA Lending and Originations.
The hiring of Tancredi and Deegan comes as CPC continues to expand its Agency lending platform, a one-stop-shop that provides borrowers with a team of experts that have deep experience in Freddie Mac and Federal Housing Administration (FHA) lending products. From originations to underwriting and facilitating the deal flow through closing, CPC provides a team solely dedicated to the Agency lending process.
“At CPC, our Agency lending business is a critical part of ensuring we can deliver a full suite of lending products that meet the diverse needs of our borrowers,” said Rafael E. Cestero, President and CEO of CPC. “Both Timothy and Joseph are experts in their field and have a held numerous leadership positions where they have cultivated an environment of collaboration and success. We’re fortunate to have two people with such deep experience in multifamily and agency lending joining our growing team.”
“Having familiarity with the management team at CPC as a Freddie Mac Seller/Servicer and learning about how this organization has a plan for growth, coupled with my skill set made it an easy decision for me to join CPC,” said Joseph Tancredi.
“This is a fabulous opportunity to join an organization that values its relationships with their partners and borrowers, and has developed a growth strategy around their mission of creating impact in communities,” said Timothy Deegan. “I’m excited to join the CPC team and look forward to helping the company drive the expansion of its FHA lending platform.”
Mr. Tancredi previously served as Regional Underwriting Director for Freddie Mac’s Multifamily Division in the Northeast Region, where he managed a staff of underwriters, analysts and document specialists, and worked with Freddie Mac’s seller servicer network to ensure high credit quality of loans approved for the securitization platform. Prior to his work at Freddie Mac, Mr. Tancredi held senior leadership positions at Washington Mutual Bank and Hunt Mortgage Capital, where he oversaw the regional underwriting departments of each institution that covered Fannie Mae and Freddie Mac agency business. Mr. Tancredi graduated with a B.S. in Finance from St. John’s University, and a M.S. in Banking & Money Management from Adelphi University.
Prior to joining CPC, Mr. Deegan was the Senior Director of Operations and Capital Markets at Cosmopolitan Capital Funding LLC where he oversaw the company’s New York City operations and specialized in structuring and analyzing complex capital transactions of all asset classes. He also provided market research and due diligence, as well as risk identification and mitigation. Mr. Deegan also served as Director of Capital Markets at Llenrock Group LLC, where he worked with commercial real-estate owners, developers and the company’s internal team to source capital for projects across markets and asset classes. Mr. Deegan received his B.A. in Government & Politics from the University of Maryland.
CPC is dedicated to bringing flexible capital to owners of multifamily buildings in underserved and growing communities. The company has leveraged its more than four decades of community revitalization experience and strategic relationships with their government partners to provide a suite of permanent loan products uniquely tailored to fit the needs of building owners, large and small.
CPC is a long-time Freddie Mac Seller/Servicer and offers a range of competitively priced, reliable mortgage products for the acquisition or 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 Small Balance Loan (SBL) product which helps to close that gap in the market for flexible financing for small buildings by offering loans from $1 million to $6 million with flexible terms, prepayment options, competitive low rates, and streamlined pricing, underwriting, closing, and funding process.
In addition, CPC is an approved FHA Multifamily Accelerated Processing (MAP) lender with expertise on 223(f) and 221(d)(4). Through the MAP program, CPC offers new construction, rehabilitation, refinance and acquisition loans for all types of multifamily projects with five or more units.
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About the Community Preservation Corporation (CPC)
Established in 1974, CPC is a nonprofit affordable housing and community revitalization finance company that believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. To date the company has leveraged approximately $9.7 billion in private and public investment to finance more than 170,660 units of housing. CPC’s work with its partners has helped revitalize countless neighborhoods and provided quality housing for families, senior citizens, and individuals with disabilities. Visit CPC at communityp.com, and on Facebook, Twitter and LinkedIn.