January 29, 2020 - CPC Mortgage Company LLC, a subsidiary of The Community Preservation Corporation (CPC), Palladium Management, and Westhab, an affordable housing and social services provider, announced the closing of a $9 million Freddie Mac Optigo Targeted Affordable Housing (TAH) loan to refinance 21 Fountain Place, a 52-unit, four-story walk-up building located in New Rochelle, New York. The property will provide rental housing with coordinated social services that will help people transition out of homelessness to stable, permanent, affordable housing.
“The opportunity to access high quality housing with supportive services will help families transition to a permanent housing situation, give them the chance to build stability, and get back on their feet,” said John Cannon, President of CPC Mortgage Company. “We’re proud to have been able to partner with Westhab and Palladium to help meet the diverse housing needs of the Westchester community. As a lender, Freddie Mac’s TAH gives us a product with the terms and process that’s tailor-made for the unique requirements of affordable and supportive housing projects like 21 Fountain Place.”
“We’re thrilled to be partnered with Westhab and CPC Mortgage Company in providing safe, affordable housing to the residents of 21 Fountain Place. With the steady increase of new multifamily developments in the area, our company feels strongly that projects like 21 Fountain Place provide essential stability and economic diversity to the city of New Rochelle,” said David Roth, Principal of Palladium Management.
“Westhab believes that all members of our community deserve a chance to get back on their feet and live in quality housing that they can afford. 21 Fountain Place helps us achieve our mission, providing affordable permanent housing as well as transitional housing for families on their journey towards self-sufficiency,” said Richard Nightingale, President and CEO, Westhab.
“Freddie Mac is proud to have worked with CPC, Palladium, and Westhab to support critical financing for 21 Fountain Place,” said Steve Johnson, Vice President of Targeted Affordable Housing Production and Sales at Freddie Mac.
Gavin Richardson, a member of the Freddie Mac Targeted Affordable Housing team who worked on the Optigo loan added, “As a result of this effort, dozens of New Yorkers in need will have a permanent home, and many others will be helped with transitional housing and other services.”
21 Fountain Place is a four-story walk-up apartment building located in downtown New Rochelle, New York. The 52-unit building, which formerly served as student housing for Monroe College, was recently renovated to include the replacement of apartment fixtures, appliances, and updated interior finishes. The building is being leased by Westhab from Palladium Management, with a contract from Westchester County to Westhab to provide on-site management and social services for the tenants. Half of the units will serve as permanent housing for formerly homeless residents and the other half will serve as transitional housing for homeless families.
The property is conveniently located just off Main Street in the heart of downtown New Rochelle, providing access to a wide array of retail services, food services, public institutions, and entertainment options. It is also well situated within a five-minute walk to the regional Amtrak rail station and the New Rochelle Metro-North station.
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
Yonkers-based Westhab, Inc. is Westchester's largest provider of housing and services for the homeless and its largest nonprofit developer of affordable and supportive housing. Since Westhab's founding in 1981, they have built 912 affordable housing units, moved 7,675 households from homelessness into affordable housing, placed 5,679 people into employment, and delivered services to over 10,000 homeless and at-risk youth.
About Palladium Management
Founded by David Roth in 2011, Palladium Management is a boutique full service investment, development, and management company. Since its founding, David Roth has focused on growing a portfolio of multifamily and mixed-use properties on behalf of his partners, and a stable of high net worth investors. David has overseen the company’s development activities, including ground-up multifamily projects in several of New York City’s outer boroughs, Westchester County, and New Jersey.
Palladium Management, through its affiliates has sourced and executed $45,000,000 in real estate acquisitions, $30,000,000 in permanent and construction financing, and operates more than 250 multifamily units across Manhattan, The Bronx, Brooklyn, Staten Island and Westchester County. Recently expanding in to New Jersey, Palladium Management has secured an $11,450,000 construction loan for the historic renovation of a multifamily building in Jersey City, adding to the ever-growing portfolio. http://www.palladiummgmt.com/home