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Security Manor in Westfield
A New-York based nonprofit affordable housing and community revitalization finance company deployed more than $840 million in capital to communities in fiscal year 2018, a 102 percent increase over the company’s FY 2017 activity. Four of those projects were in Massachusetts.
Community Preservation Corp. (CPC) closed $25.4 million in conventional Freddie Mac financing for a portfolio of multifamily properties in Western Massachusetts, three in Hampden County and one in Worcester County.
- Coachlight Village, four 2-story buildings on 5.2 acres in Agawam, closed on a $5.8 million conventional loan.
- Security Manor, a 4-story brick building in Westfield, closed on a $4 million conventional loan.
- Van Deene Manor, a garden apartment complex on a 4.9-acre site in West Springfield, closed on a $7.2 million conventional loan.
- Sturbridge Meadows, two properties located approximately a quarter-mile from each other on the same street in Sturbridge, closed on an $8.4 million conventional loan.
The loans were used to refinance the existing debt on the properties, with each carrying a 10-year term with three years of interest-only payments and 30-year amortization at a rate of 3.98 percent.
“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,” Nicholas V. Petragnani Jr., CPC’s senior vice president and regional director, said in a statement.
CPC brings flexible capital to owners of multifamily buildings in underserved and growing communities. The company has leveraged more than four decades of community revitalization experience and strategic relationships with government partners to provide a suite of loan products to building owners.
