February 28, 2017
TBG Development will use two relatively tiny loans totaling $3 million to buy two small multifamily buildings in Orange, NJ.
The developer will renovate the 42 apartments at 364 and 372 White St., while keeping the rents relatively affordable.
“Small buildings are the backbone of communities throughout the state, often serving as a haven of natural affordability for low- and moderate-income families,” said Rafael E. Cestero, president and CEO of Community Preservation Corporation, and mission-driven affordable housing lender which provided the loans through Freddie Mac’s Small Balance Loan (SBL) program.
“Freddie Mac’s SBL provides a smart and flexible loan product that’s tailored for acquiring or refinancing buildings just like these,” he said. Permanent loans under $5 million are often very difficult to find.
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