CPC delivers $2.34 million for acquisition of two apartment buildings in Philadelphia
The Community Preservation Corporation (CPC), a leading nonprofit affordable housing and community revitalization finance company, recently announced the closing of two permanent loans under the Freddie Mac Small Balance Loan (SBL) Program. The loans, totaling $2.34 million were used for the acquisition of two small multifamily buildings in Philadelphia, Pennsylvania. CPC delivered a $1.37 million permanent loan with Haverford Square Properties LLC for the 3-story, 18-unit residential building at 3838-3842 Haverford Ave in Philadelphia. CPC also closed a $969,000 permanent loan with the same borrower for the 3-story, 12-unit building at 3856-3860 Haverford Ave., also located in Philadelphia. “For a company that specializes in small building finance, Freddie Mac’s SBL plays a big role in our suite of lending products,” said Michael Staton, Vice President & Mortgage Officer at CPC. “Not only does it offer the flexible terms that our borrowers are looking for, but in an environment of rising interest rates, SBL is extremely competitive.