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CPC Refinances 3 Brooklyn MF Properties Via Freddie Mac
The Community Preservation Corporation has closed on three permanent mortgages under the Freddie Mac Small Balance Loan (SBL) product. Totaling nearly $11 million, these loans were used for refinancing 72 units in three Brooklyn multifamily properties.
They included the following:
• $6.6 million to refinance a 56-unit residential building at 371-391 Etna St. in Cyprus Hills
• $2.4 million to refinance a four-story, eight-unit building at 786 St. John’s Pl. in Crown Heights
• $1.8 million to refinance a total of eight units at 104 Fort Greene Pl. in Fort Greene
“Over the past year, we’ve been seeing a lot of volume with Freddie Mac’s SBL because it offers the flexibility and terms that make sense for the small multifamily building market,” said Richard Conley, SVP and originations director at CPC.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
