Centerline Capital Group Refinances a Multifamily Facility Located in Florissant, Missouri
— Total funding equals $6.9Million—
New York, NY —September 12, 2013 —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 provided a 20-year Fannie Mae DUS loan in the amount of $6.9 million to refinance Grandview Gardens Apartments. The property is located in Florissant, Missouri, which is within the St. Louis Metropolitan Area, including areas of Missouri and Illinois.
Grandview Gardens Apartments is a 424-unit apartment complex contained within 55 two-story buildings and a leasing office. Constructed in 1956 and 1958, the property is situated on a very large 24.33 acre development and is currently 97% leased. The property is well managed and in excellent condition.
The borrower is a family partnership that acquired the property over 30 years ago and has owned and operated it ever since. The borrower plans to use the majority of the cash out loan proceeds for future capital expenditures.
“Grandview Garden Apartments was a great transaction for Centerline and for the borrower,” said Adam Klingher, Senior Vice President at Centerline Capital Group. “The property is well-located and well run. The borrower was able to get a 20-year fixed rate loan with a 30-year amortization period allowing them to lock in low rates for the long term while maintaining a low payment level.”
The property is currently managed by Hyder Property Management Midwest, a management firm whose principals have approximately 60 years of combined real estate experience. Hyder has managed the property since the acquisition by the borrowers.
Commenting on the deal Jennifer Chapman, Closing Coordinator,with Hyder Property Management -Midwest said, “Working with the Centerline Capital team made the overall loan refinance process quite seamless and stress free. We look forward to doing many more deals with Centerline.”
The unit mix consists of 272 one-bedroom, one-bathroom units; 32 two-bedroom, one-bathroom units; and 120 two-bedroom, one-and-a-half bath townhome units. Property amenities include a playground and a leasing office. There is also a washer and dryer in the basement of each building.
The loan was closed by members of Centerline’s Chicago office, including Klingher, Felicia Bell with the help of underwriter J.R. Cole of Centerline’s Dallas office.
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.