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 $6.15 million Fannie Mae DUS loan to refinance Eastridge Apartments, a multifamily facility located in Louisville, Kentucky.
The proceeds of the facility will be used to repay an existing CMBS loan and cover all costs associated with the transaction, including a prepayment penalty. The loan also enabled the borrower to significantly reduce the loan interest rate. The borrower is a local commercial real estate owner operator.
Eastridge Apartments is in Jefferson County in north central Kentucky, located approximately 15 miles northeast of the Louisville central business district and 17 miles northeast of the Louisville International Airport. The property’s location is within 1.5 miles of Interstate 265 (Gene Snyder Freeway) which provides direct access to downtown Louisville.
Constructed in 1972 and renovated in 2008, Eastridge Apartments complex includes eighteen two-story brick apartment buildings containing 188 units, a clubhouse and a maintenance/pool house building. The property includes a small rear parking lot with approximately 40 usable spaces.
“The Property has been steadily improving in terms of occupancy and rent growth over the past 24 months,” noted Joseph Markech, Vice President in the Mortgage Banking Division at Centerline Capital Group. “Physical occupancy has improved from 90 percent one year ago to the current 97 percent plus occupancy rate. In addition, the sponsor has owned and operated the property for 10 years and it is performing at or above comparable properties in the market. We were pleased to be a part of this transaction.”
The unit mix consists of 48 one bedroom/one bath units, 64 two bedroom/one bathroom apartments, 28 three bedroom/one bathroom units and 48 two bedroom/one bath townhome units. Property amenities include a clubhouse, grilling area, playground, swimming pool and a central laundry room.
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 and source for other forms of alternative capital.
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 137 funds, and invested in over 1,600 assets spanning 47 states. The firm’s multifamily lending platform services more than $11.5 billion in loans. Founded in 1972, Centerline is headquartered in New York City, with 246 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