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 three Fannie Mae loans that total $15.5 million to refinance three multifamily properties in Wisconsin – two in Pewaukee, and one in Waukesha.
The borrower on all three deals was the Reilly-Joseph Company, a privately owned and operated apartment development firm that was established in 1972. To date the Reilly-Joseph Company has developed approximately 2,000 units of which they still own and operate 1,600. The company operates apartment complexes in the communities of Menomonee Falls, New Berlin, Pewaukee and Waukesha, Wisconsin.
The properties include:
Hunters Ridge Apartments – Phase I & II. Located in Pewaukee, Centerline provided a $6 million Fannie Mae loan to refinance Hunters Ridge Apartments, a 130-unit garden apartment community that includes 15 two- and three-story brick apartment buildings, one clubhouse and one maintenance/pool house building.
Hunters Ridge was developed in two phases between 1989 and 1991. The unit mix consists of 20 two-bedroom, one and a half bath townhomes, 46 two-bedroom, two and a half bathroom townhomes, 32 two-bedroom, two bathroom and 32 two-bedroom, two-bathroom and den units. Site amenities include a swimming pool and fitness center.
Hunters Ridge III. Hunters Ridge III is a garden apartment community, also located in Pewaukee, for which Centerline provided a Fannie Mae loan facility in the amount of $3 million. The complex includes five two- and three-story brick apartment buildings containing 76 units.
Developed in 1991, the unit mix consists of 22 two-bedroom, two and a half bath townhomes, 18 two-bedroom, two-bathroom lofts and 36 two-bedroom, two-bathroom garden units. Property amenities include a clubhouse/leasing office, swimming pool and fitness center.
Stone Creek. Centerline provided a $6.4 million Fannie Mae loan to refinance Stone Creek, a multifamily facility located in Waukesha. The property, a garden style apartment complex, comprises 138 units in 9 two- and three-story residential buildings. Built in 1997, the property consists entirely of two-bedroom, two-bathroom apartments and a total of 308 parking spaces.
Property amenities include a clubhouse/leasing office, fitness center, laundry facilities, swimming pool and a playground.
“The borrower is a new Centerline client that has more than 30 years of experience developing, owning and managing multifamily real estate,” commented Adam Klingher, Senior Vice President at Centerline. “The proceeds from all three loans were used to pay off existing loans and simultaneously put into place long-term interest-only facilities that enabled the borrower to get the maximum cash flow from the properties.”
“We were pleased these loans came together so well and were able to deliver on each of these financings simultaneously,” concluded Klingher.
Centerline’s team, including: Klingher and Brooke Jackson were instrumental in the arranging and closing of these three transactions.
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 debt and equity.
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