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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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