NEW YORK, NY - Centerline Capital Group, a provider of real estate mortgage services for affordable and conventional multifamily housing, announced today it has provided a $4 million Fannie Mae loan to facilitate the acquisition a multifamily apartment property located in Lynn, Massachusetts.
Constructed in 1900, South Common Apartments is a 72-unit multifamily property, located at 132-138 South Common Street and 1-4 Fosdick Terrace. The property’s site and buildings are contiguous but separate addresses are noted for each building and entryway.
The Borrower is a Massachusetts limited liability company that was formed to acquire the property. Terms of the loan are 10-years with a 30-year amortization.
“The seller has invested approximately $144,000 in capital improvements over the last six years including installation of new roofs for three of the buildings, new hot water systems, common area carpet, common area painting, smoke detector re-wire, boiler replacement, and interior renovation of approximately 13% of the units” noted Rick Warren, Managing Director, Mortgage Banking at Centerline Capital Group. “The property is currently 97% occupied and in good condition.”
“The South Common Apartment complex is located in Lynn, Massachusetts, a suburban market ten miles north of the city of Boston,” added Darrell Clark, Senior Vice President, Mortgage Banking at Centerline. “Close proximity to the Massachusetts Bay and the Atlantic Ocean makes Lynn a desirable place to live and within easy commuting distance to downtown Boston.”
South Commons consist of four, three-story apartment buildings. The unit mix includes 12 studio units, 35 one-bedroom, one-bathroom apartments, 22 two-bedroom, one-bathroom units, and three three-bedroom, one-bathroom apartments.
“Lynn is also stable submarket that has exhibited strong occupancy and moderately increasing rents. These factors and underlying real estate fundamentals made this a good deal for Centerline,” concluded Clark.
The Mortgage Banking Group at Centerline provides mortgage financing for conventional multifamily properties throughout the United States. Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider, bridge and CMBS lender, and source for other forms of alternative capital.
About Centerline Capital Group
Centerline Capital Group, a real estate finance company, provides financing and investing for conventional and affordable multifamily housing throughout the United States. Centerline is organized around two business units: Mortgage Banking and Affordable Housing Debt. Under the Mortgage Banking and Affordable Housing Debt businesses, Centerline partners with developers, owners, and investors to provide them with capital to develop, acquire or redevelop their real estate assets. Centerline’s core debt products consist of Fannie Mae, Freddie Mac, or HUD/FHA financing. In addition, through several strategic alliances, Centerline offers various CMBS executions for multifamily and other commercial properties, bridge loans and select joint venture equity products. Today the firm’s lending platform manages and services more than $10.4 billion in loans, of which affordable housing makes up $916 million. Founded in 1972, Centerline is headquartered in New York City, with 159 employees in 13 locations throughout the United States. To learn more about Centerline, visit www.centerline.com