New York, NY Timothy Deegan, former VP of FHA lending & originations at the Community Preservation Corp. (CPC), has been promoted to VP and head of agency production. Deegan will cover production across CPC’s FHA business, Freddie Conventional business and new Freddie Mac Affordable business.
Deegan will work with the Mortgage Company and Field teams to promote and enhance originations opportunities and will be available to meet with customers to sell CPC Mortgage Company products.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,