CPC delivers $11M to finance acquisition of multifamily property in Greater PGH
PITTSBURGH, PA — The Community Preservation Corporation (CPC), a nonprofit affordable housing and community revitalization finance company, closed $11 million in conventional Freddie Mac financing for the acquisition of a 19-building apartment complex located in the Greentree Borough of Allegheny County, near Pittsburgh. Built in 1985 and renovated in 2016, Terrain Apartments consists of 19 improved, two-and-a-half story apartment buildings, as well as a community and leasing building. Located at 700 Mansfield Ave., the property’s 152-units sit on 8.95 acres of land and provide residents with 219 surface parking spots. “There’s a real diversity of needs in the multifamily market, and the days of the one-size-fits-all lender just doesn’t work anymore. At CPC we’ve been delivering flexible capital and hands-on technical assistance to multifamily owners and purchasers of all sizes, in all types of neighborhoods. From the suburbs, to historic downtowns, and rural areas, Freddie Mac’s suite of products provides the flexibility and terms that our borrowers are asking for,” said Matthew Nelson, vice president at CPC.