CPC delivers $25.4 million to refinance multifamily portfolio in Western Massachusetts
MASSACHUSETTS — The Community Preservation Corporation (CPC), a nonprofit affordable housing and community revitalization finance company, closed $25.4 million in conventional Freddie Mac financing for a portfolio of properties located in Western Massachusetts. Three of the properties are located in Hampden County and one is in Worcester County. The new loans were used to refinance the existing debt on four multifamily buildings, with each carrying a 10-year term with three years of interest only payments and 30-year amortization. “Over our more than 40 years of community lending, CPC has been committed to providing products that serve a diverse range of capital needs for multifamily owners and purchasers of all sizes. Whether it’s for acquisition, refi, or rehab - Freddie Mac’s suite of products provides the flexibility and terms that our borrowers are looking for,” said Nicholas Petragnani, Jr., senior vice president & regional director at CPC.