NEW YORK, NY - Centerline Capital Group, a provider of real estate mortgage services for affordable and conventional multifamily housing, announced today it has provided an $18.5 million Freddie Mac loan facility to enable the acquisition of a multifamily property located in Everett, Washington.
The Lakes by Mill Creek Apartments is a 223-unit, garden style apartment complex. The property was built in 1986 and features a standard amenity package. While the roof and exterior painting are new, many of the unit interiors are original.
The borrower is 128 Partners LLC, a single-purpose entity formed in Delaware. “This was the perfect buyer for this property,” said Peter Clasquin, Director, at Centerline Capital Group. “Although the project is 99% occupied today, a moderate renovation plan will enable the buyer to realize material upside in rents. The owner may then obtain a supplemental loan, sell the property, or simply enjoy their low fixed rate. To meet their goals we structured an extended open prepayment period and we prefunded multiple renovation reserves with maximum flexibility on draws.”
Centerline’s servicing team will ensure continuity and communication throughout the loan term – a feature still lacking in CMBS lenders, who sell off servicing to a third party. Riverstone Residential Group will provide professional property management services.
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.
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.