CPC Mortgage Co. closes $3.9 million in Freddie Mac financing

Brooklyn, NY CPC Mortgage Company LLC, a subsidiary of The Community Preservation Corp. (CPC), closed a $3.9 million Freddie Mac Optigo Small Balance Loan (SBL) to refinance a nine-unit apartment building in the Williamsburg neighborhood. The four-story plus penthouse mid-rise property is located at 113 Richardson St. Originally built in 2012, the property features one one-bedroom, seven two-bedroom, and one three-bedroom units.

“During these extraordinary times multifamily owners are still facing the same, if not more challenging issues of finding stable capital and a steady hand to help them navigate the financial needs of their properties,” said John Cannon, president of CPC Mortgage Co. 

“From finding the best product to providing first-class technical assistance throughout the process, we’re focused on creating a partnership and ensuring that our borrowers know we’re here for all of their needs.”

“From Williamsburg, Brooklyn to Mott Haven in the Bronx, small multifamily rental buildings are the backbone of our communities,” said Richard Carr, vice president & mortgage originator at CPC Mortgage Co. “The Freddie Mac Small Balance Loan product allows us meet the unique needs of a critical segment of the New York City’s housing stock, and gives our borrowers the flexible terms and expedited process they’re looking for.”

Originally built in 2012, the property features one one-bedroom, seven two-bedroom, and one three-bedroom units. All units include an in-suite washer/dryer, dishwasher, stainless steel appliances, marble countertops, wood laminate cabinets, wood floors throughout, and ceramic-tiled bathroom floors. Through a common area stairwell, all tenants have rooftop access.