Episode 15 – Lending to Small Developers for Small Buildings

Small buildings make up more of America’s housing stock than the large multifamily developments we often think about in the finance world. That means that to serve all the needs of a community, addressing the small building stock is essential. In this episode, two of the leading CDFIs in this space offer the lessons they’ve learned on how to overcome the difficulties of small building finance.

About Our Guests:

Thomas McGrath is Senior Vice President and Director of Upstate Revitalization at The Community Preservation Corporation (CPC), a nonprofit affordable housing and community revitalization finance company with 44 years of multifamily lending experience. Mr. McGrath is responsible for leading efforts to expand CPC’s presence in Upstate New York, and works closely with the company’s Upstate field teams to drive growth strategy and find unique ways CPC can enhance its impact in the communities it serves. Prior to taking on this role, Mr. McGrath oversaw CPC Resources, the for-profit subsidiary of CPC that provides equity and develops affordable housing in underserved communities throughout New York State.

Jack Crane is Senior Vice President, Director of Lending at Community Investment Corporation (CIC). Mr. Crane is responsible for overseeing the marketing, underwriting, closing, construction services and asset management for all CIC loans. He is an award-winning community development banking leader, including stints at Harris Bank, Good News Partners, Organization of the Northeast (ONE), and ShoreBank. Mr. Crane has successfully managed the financing of hundreds of commercial real estate investments, small businesses, not-for-profit organizations, and single-family home developments, specializing in inner city investments. He currently serves on the Board of Directors of The Resurrection Project and the Rogers Park Builders Group.

Resources Related to This Episode

CPC’s Website: www.communityp.com

CIC’s Website: www.cicchicago.com

CPC’s Start Small Guide to Financing Small Multifamily Building Projects: communityp.com/thought-leadership/resource/start-small/

Additional Multifamily Finance Resources from CPC: communityp.com/thought-leadership/

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