CFA Capital Partners ''CFA'' Closes $8 Million Bridge Loan, Helping
to Finance Developer’s Vision of Affordable
Housing in Harlem
RYE, N.Y. (Business Wire EON/PRWEB ) November 30, 2007 --
CFA Capital Partners "CFA", a leader in the direct private lending
industry, closed an $8 million loan to Vargas Realty, a leading New York
developer, to help continue to provide affordable multifamily housing in
Harlem.
"CFA Capital Partners currently has over $75 million between our
portfolio and pipeline invested in the revitalization of Harlem and the
surrounding communities", said Richard Steinberg, Chairman of CFA.
For Henry Vargas, CEO of Vargas Realty, the development of affordable
housing in the Harlem community has always been a driving force behind
the real estate firm founded by his father Victor. A lifelong area
resident, Mr. Vargas knows the importance of providing affordable places
to live for local families. As the cost of city living continues to
escalate, it is affordable housing that continues to provide the solid
foundation for the community.
"This is my community," explains Mr. Vargas, "I’m
a part of it, and I feel a strong attachment to the people. This
neighborhood has helped to make me who I am today".
And when four apartment buildings on West 111th Street needed financing
for capital improvements, CFA Capital Partners stepped in.
"This deal, besides working well financially for both parties, fits
perfectly with the reason why we started CFA In the first place", said
John Clancy, Managing Partner."At the end of the day, if our efforts can
result in assistance to families – if we have
an opportunity to really help people in the community –
it means that much more to us. This partnership is what CFA is all
about".
In order to meet the needs of Vargas Realty, CFA needed to focus on two
elements: flexibility and speed. Loan structure needed to be custom
tailored to the unique needs of the redevelopment, but just as
importantly, financing needed to be secured quickly.
As a company that has proven itself with a multitude of successful
deals, CFA has built a strong reputation for managing complex financial
transactions, acquisitions, and cash-outs with its innovative bridge,
permanent and mezzanine programs. CFA has successfully funded projects
such as multifamily developments, hotels, high-end office space, medical
facilities, and community centers.
Vargas Realty’s goal is to restore community
pride and value in all neighborhoods in Harlem. CFA Capital Partners is
working to help attain that goal.
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