Hooke of Community Preservation Corp. structures $6.15 million Freddie Mac loan for apartment complex

The Community Preservation Corp. (CPC) has closed a $6.15 million Freddie Mac loan to refinance an existing $5.5 million construction loan, provided by CPC in 2009, and to cover incidental costs incurred in development of the apartment complex at 11-15 Meserole St. in the East Williamsburg neighborhood. Christopher Hooke, senior VP, director of Freddie Mac and Fannie Mae Sales of CPC structured the loan. "For over 20 years, Freddie Mac has been an instrumental partner not only in CPC's work, but in a wide variety of market-rate and affordable housing projects throughout New York State," said Rafael Cestero, president and CEO of CPC. "11-15 Meserole St. is providing much-needed housing in a neighborhood that has seen increased demand from an influx of new residents over the last few years. I am thrilled to collaborate with Freddie Mac on this N.Y.C.-based project." The complex is a newly constructed, fully occupied five-story elevator building. The development contains 10 one-bedroom and 10 two-bedroom market-rate apartments, and features two community spaces on the ground floor totaling 2,500 s/f. There are 11 parking spaces in the rear of the building. Other building amenities include individual storage units for tenants, laundry room, gym, roof deck and state of the art intercom system. CPC's Freddie Mac loan has a 10-year term with a 30-year amortization schedule and an interest rate of 4%. The first two years will be interest only.