NEW YORK, NY - Centerline Capital Group (“Centerline”), a provider of real estate financial and asset management services for affordable and conventional multifamily housing, and a subsidiary of Centerline Holding Company (OTC: CLNH), announced today it has provided a $2.25 MM Fannie Mae small balance loan to refinance Aspen Court Townhomes in St. Peter, Minnesota.
Aspen Court Townhomes is a garden style multifamily facility that was built in 1999 and comprises 8 two-story buildings with a total of 41 units. All of the units have two bedrooms and 1.5 bathrooms; 16 of the units also have a den. The loan is a 10-year fixed rate facility with a 30-year amortization period.
Centerline is one of the nation’s leading Mortgage Banking institutions in the multifamily sector. Its Small Loan Group, which is housed within the Mortgage Banking unit, provides loans between $1 and $5 million, with an average loan size of $1.8 million.
The borrower is Aspen Court Townhomes, LLC, a Minnesota limited liability company. The proceeds of the loan will be used to pay off existing indebtedness and recoup expenses recently incurred for capital improvements.
“Aspen Court has been well maintained and is located in a residential neighborhood with good visibility and appeal,” commented Peter Margolin, Senior Vice President in the Mortgage Banking Division at Centerline. “The property is currently fully occupied, and has enjoyed an average occupancy rate of 100%, outpacing other local comparable properties. We are pleased to help the borrower take advantage of the current low-interest-rate environment with this new loan.”
The borrower developed the property in 1999 and has owned and operated it since. Aspen Court Townhomes is located in the city of St. Peter, Minnesota, situated approximately 60 miles south west of Minneapolis-St. Paul. Generally rural in nature, the area has performed well, experiencing annual growth of 0.9% over the past 10 years.
The broker was Mike Polencheck from Towle Financial in Minneapolis.
About Centerline Capital Group
Centerline Capital Group, a subsidiary of Centerline Holding Company (OTC: CLNH), provides real estate financing and asset management services focused on affordable and conventional multifamily housing. We offer a range of both debt financing and equity investment products, as well as asset management services to developers, owners, and investors. An industry leader, Centerline is structured to originate, underwrite, service, manage, refinance or sell through all phases of an asset’s life cycle. A leading sponsor of Low-Income Housing Tax Credit (LIHTC) funds, Centerline has raised more than $10 billion in equity across 136 funds, and invested in over 1,600 assets spanning 47 states. The firm’s multifamily lending platform services more than $11 billion in loans. Founded in 1972, Centerline is headquartered in New York City, with 243 employees in ten offices throughout the United States. A strategic partner of Island Capital, Centerline is organized around four business units: Affordable Housing Equity, Affordable Housing Debt, Mortgage Banking and Asset Management. To learn more about Centerline, visit www.centerline.com
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