NEW YORK, NY - Centerline Capital Group, a provider of real estate mortgage services for conventional and affordable multifamily housing, announced today it has provided a CMBS loan in the amount of $2.5 million to refinance Heritage Apartments, a multifamily property located in Augusta, Georgia.
The loan was a conduit commercial mortgage that refinanced the property and provided cash for property improvements. The borrower is Georgia Heritage Associates LP, a Georgia Limited Partnership.
Heritage Apartments is comprised of 21, two and three-story apartment buildings. Built in 1967, the property is a 188-unit, garden style apartment complex situated on 11.65 acres of land. The unit mix includes 28 one-bedroom, one-bathroom units, 156 two-bedroom, one-bathroom apartments and 4 two-bedroom, two units.
“Heritage Apartments is in fair overall condition, and the owner is proactive in terms of capital improvements and property maintenance,” commented Keith C. Morris, Vice President, Mortgage Banking Group at Centerline. “The property is performing well and the owner will use the cash proceeds from the loan to make capital improvements that will enhance the curb appeal. In addition, the property benefits from strong management. This was a solid deal for Centerline.”
The property is professionally managed by Blanchard & Calhoun Real Estate Company, a prominent management company in Augusta that has been managing properties for over 90 years. The firm’s property management division currently manages over 800 apartment units and in excess of 300 single-family residential units as well as over 100 commercial properties locally. Blanchard & Calhoun have managed Heritage Apartments for the past 17 years.
Property amenities include a swimming pool, tennis court, clubhouse, playground and laundry facility. The property also offers 300 open parking spaces.
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 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. 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. Founded in 1972, Centerline is headquartered in New York City, with 210 employees in 13 locations throughout the United States. To learn more about Centerline, visit www.centerline.com