Community Preservation and Development Corporation (CPDC)
Newport News, Virginia
Project: Auburn Pointe Apartments
Community Preservation and Development Corporation (CPDC) is a nationally recognized leader in affordable housing with award-winning preservation projects known for their innovative and high-quality design, sophisticated financing, efficient property operations, and robust resident services programs. CPDC came to Community Housing Capital (CHC) with an opportunity to recapitalize the Auburn Pointe Apartments, which were in year 17 of its tax compliance period. Continuing CHC’s desire to originate the larger loans that many NeighborWorks® organizations need, CHC worked with one of its long-standing participation partners, Morgan Stanley Bank, to structure a loan participation that allowed CPDC to preserve 274 units for low- and moderate-income individuals and families.
With Morgan Stanley’s keen interest in preserving affordable housing and CPDC’s well-structured recapitalization plan and strong history of performance, CHC provided CPDC with an $11 million acquisition loan to acquire the well-maintained complex of 20 buildings.
"CHC really stepped to the plate making accommodations that were important to us to get the deal closed. Their efforts on this, our first transaction with them, created a solid foundation for future deals," said J. Michael Pitchford, CPDC President and CEO.
CPDC is a strong and experienced nonprofit affordable housing developer in the Washington, DC metro area. Since inception 25 years ago, CPDC has increased the stock of affordable housing in the Mid-Atlantic region by more than 5,000 units and has owned and/or redeveloped more than 25 affordable housing communities throughout Washington, D.C., Maryland, and Virginia.