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, announced today it has completed a seven property cash out portfolio refinance for a local investor, a single asset limited liability company. The seven loans are all Fannie Mae facilities that total $10.5 million.
All of the properties are quality multifamily assets located in three Chicago neighborhoods: East Village/Wicker Park, Wrigleyville and Rogers Park.
The term of the loans on all seven properties is ten-year with a 30-year amortization schedule. The properties include:
6810 Lakewood Apartments. 6810 Lakewood Apartments is a four-story multifamily complex that comprises a total of 23 units. The property was built in 1923 and includes one studio unit, 20 one-bedroom/one-bath units, and six two-bedroom/one-bath units. The loan provided by Centerline on this property was $1.6 million.
3915 Fremont Apartments. Comprised of 19 units and constructed in 1903, 3915 Fremont is a garden style multifamily property. The property is a three-story apartment building containing 12 one-bedroom/one-bath units and seven two-bedroom/one-bath units. The loan on this property was for $1.7 million.
836 Cornelia Apartments. Centerline provided a $1.8 million loan to refinance 836 Cornelia Apartments, a three-story apartment building that houses 18 units. The property includes four one-bedroom/one-bath units and 14 two-bedroom/one-bath apartments. The property was constructed in 1898.
1401 Huron Apartments. 1401 Huron Apartments was built in 1889 and is a four-story apartment building containing three loft units, one, one-bedroom/one-bath apartment, nine two-bedroom/one-bath units, and three three-bedroom/one-bath units. The loan provided to refinance this property was in the amount of $1.3 million.
6653 Ashland Apartments. Centerline provided $903,000 to refinance 6653 Ashland Apartments, a three-story property with a total of 16 units that was developed in 1925. The unit mix is six one-bedroom/one-bath apartments and ten two-bedroom/one-bath units.
1422 Farwell Apartments. Built in 1925, 1422 Farwell Apartments is a mid-rise building that contains 38 total units. A four-story apartment building, the property mix includes one studio unit, 25 one-bedroom/one-bath apartments, and 12 two-bedroom/one-bath units. The loan to refinance 1422 Farwell Apartments was for $2.1 million.
1201 Waveland Apartments. Centerline provided a loan in the amount of $1.2 million to refinance 1201 Waveland Apartments. The property is improved with one four-story apartment building containing 14 one-bedroom/one-bath units, and two, two-bedroom/one-bath units. The property was constructed in 1915.
“The borrower is highly successful local investor with more than 40 years of experience owning and managing multifamily real estate,” noted said Peter Margolin, senior vice president in the Mortgage Banking Division at Centerline. “The borrower needed to quickly refinance these seven properties that were coming up on their loan maturity dates. We were pleased these loans came together so well and were able to deliver on each of these financings simultaneously.”
Centerline’s team, including: Margolin, Carla Keller and Karla Fresnedo were instrumental in the arranging and closing of these seven transactions. Gershon Friedman of Meridian Capital’s Chicago office was the broker on the transaction.
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.
About Centerline Capital Group
Centerline Capital Group, a real estate finance and asset management company, provides financing, investing and asset management services for affordable and conventional multifamily housing throughout the United States. Centerline is organized around three business units: Mortgage Banking, Affordable Housing Debt and Affordable Housing Investments. 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. Centerline’s core debt products consist of Fannie Mae, Freddie Mac, or HUD/FHA financing. In addition, through several strategic alliances, Centerline offers various CMBS executions for multifamily and other commercial properties, bridge loans and select joint venture equity products. Today the firm’s lending platform manages and services more than $12.2 billion in loans, of which affordable housing makes up $3.1 billion. A leading sponsor of Low-Income Housing Tax Credit (LIHTC) funds, Centerline’s third business focuses on identifying and investing in affordable housing properties and managing those assets as a fiduciary for the fund investors throughout the asset’s and fund’s lives. Since inception, the firm has raised more than $10 billion in equity across 137 funds, and invested in over 1,600 assets spanning 47 states. Founded in 1972, Centerline is headquartered in New York City, with 221 employees in fourteen locations throughout the United States. To learn more about Centerline, visit www.centerline.com