NEW YORK, NY - Centerline Capital Group, a provider of real estate financial and asset management services for affordable and conventional multifamily housing, and a subsidiary of Centerline Holding Company, announced today it has provided a $4.5 million CMBS loan to refinance The Grove Villas.
Located in Gainesville, Florida, The Grove Villas is a 144-unit multi-family apartment complex situated on a 10.21-acre site at 6400 Southwest 20th Avenue. The property consists of 24, two-story residential buildings and a laundry facility. Nineteen of the residential buildings, containing 114 units, were constructed in 1976; and an additional 5 buildings, containing 30 units, were added to the property in 1985.
The CMBS loan arranged by Centerline will have a term of 10 years that will amortize over a 30-year period.
“The Grove Villas is located in the western portion of Gainesville, Florida, approximately 3 miles west of the University of Florida campus,” explained Ian Monk, Assistant Vice President at Centerline. “Approximately 20% of the tenants are students with two-thirds being graduate students and one-third being undergraduate students.”
The borrower is an experienced real estate professional that has been involved in investing in real estate since the early 1980s and has owned The Grove Villas since 2006.
“The borrower is a commercial architect and a certified general contractor with over 35 years of experience in the design and construction industry, and solid local market expertise with current ownership interest in three apartment complexes containing 275 multi-family units in Gainesville, Florida,” added Monk. “The property is well maintained with a stable occupancy. These factors made this a quality deal for Centerline.”
Property amenities include: an outdoor tennis court, controlled access gate and tropical landscaping. The Grove Villas is unique in that it consists of all one-bedroom units with a two-story townhouse/loft design. Unit amenities include a standard appliance package, 2nd floor front balcony, ground level rear patio, security alarm, and ceiling fans.
The property is managed by Contemporary Management Concepts, LLLP, a full-service management company that has been managing real estate for more than 30 years. CMC’s multi-family division specializes in Gainesville apartments and performs all phases of multifamily property management. CMC currently manages 21 apartment properties in central Florida, of which, 17 are located in the Gainesville market. CMC has managed The Grove Villas for over 15 years.
The Centerline deal team was Ian Monk and Tim Nutter.
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.