CPC Mortgage Company has structured a $16.4 million Freddie Mac Targeted Affordable Housing forward commitment for the permanent financing of Taking Shape B1, the first phase of Taking Shape, Our Triangle, a redevelopment in Madison, Wisconsin’s, Triangle neighborhood.
Developed through a partnership between the Community Development Authority of the City of Madison and New Year Investments, Taking Shape B1 will deliver 164 new affordable homes. Located at 755 Braxton Place, the project is part of a multi-phase plan to reimagine and revitalize the Brittingham Apartments, Gay Braxton Apartments, Karabis Apartments, and Parkside Highrise and Townhouses.
Key partners in the financing and development of Taking Shape B1 include the Wisconsin Housing and Economic Development Authority, which serves as the tax-exempt bond issuer; U.S. Bank, which acts as the construction lender; National Equity Fund, the project’s Low-Income Housing Tax Credit syndicator; and Baker Tilly, which provides expertise as the project’s consultant.
CPC Mortgage Company is a nonprofit multifamily mortgage lender and investor that focuses on providing flexible capital solutions for affordable housing and community development. Founded in 1974, it aims to expand and preserve affordable and workforce housing by leveraging the expertise of its nonprofit partners, including Cinnaire and National Equity Fund. CPC Mortgage Company offers a suite of mortgage financing options, including conventional, affordable, and small balance lending for acquisition, refinance, rehabilitation, and construction of multifamily properties. They are also a Freddie Mac Optigo lender, Fannie Mae lender, and FHA Multifamily Accelerated Program (MAP) approved lender, ensuring they meet the needs of low, moderate, and middle-income communities.
CPC Mortgage Company is a first-of-its-kind partnership of impact-driven, nonprofit mortgage lenders and investors. This innovative model leverages the unique expertise of its owners, with the shared goal of bringing flexible capital to communities to expand and preserve affordable, low income and workforce housing.
