CPC Mortgage Company delivers $5 million to refinance multifamily building in Philadelphia

PHILADELPHIA, PA — CPC Mortgage Company LLC, a subsidiary of The Community Preservation Corporation (CPC), announced the closing of a $4.9 million Freddie Mac Optigo Small Balance Loan (SBL) to refinance the Lawndale Court Apartments, an 85-unit multifamily property at 6000 Tabor Ave. in Philadelphia. 
“Smaller multifamily buildings are a crucial component of the housing stock in Philadelphia and communities throughout PA,” said Louis Tiberio, VP and mortgage officer at CPC Mortgage Company. “Owners of small buildings are a significant part of our customer base, and they have unique capital needs that aren’t readily met by the market. The Small Balance Loan product gives us a tool that makes sense for our borrowers and gives them the flexibility and terms they’re looking for.”

 

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