RYE, N.Y., Nov. 30 /PRNewswire/ -- 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.
CFA Capital Partners LLC
