Centerline Capital Group Refinances a Multifamily Facility Located in Oak Park, Illinois
— Total funding equals $3.7Million—
New York, NY —June 18, 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 10-year Fannie Mae DUS loan in the amount of $3.7 million to refinance a multifamily property in Oak Park, Illinois.
Built in 1922, Mills Park Apartments is a vintage courtyard garden apartment complex that consists of 76 units housed within two 3-story buildings. The property is located at 1033-045 West Pleasant Street in Oak Park, a nearby suburb of Chicago.
“Oak Park is renowned for the architectural influences of Frank Lloyd Wright and Mills Park Apartments is located immediately adjacent to Mills Park and the Pleasant Home, an acclaimed Prairie style home that is listed on the National Register of Historic Places,” noted Adam Klingher, Senior Vice President at Centerline Capital Group. “In addition, the property is situated within one and a half blocks of public transit which provides direct access to Chicago’s city center.”
The borrower is Melvyn Kushner, a highly regarded real estate investor for over 35 years. The property has been very well maintained by Kushner who has owned the facility since 1983. The property’s excellent curb appeal is exceeded by interior appeal and large apartment units.
“It is always a pleasure working with Mel Kushner and his incredible team on projects such as Mills Park,” continued Klingher. “This beautiful apartment complex embodies the charm and elegance that Oak Park is known for, while providing the modern conveniences contemporary renters demand.”
Mills Park Apartments is well-located near various shopping, entertainment and dining options in Oak Park. Property amenities include a fitness center and two laundry facilities.
The loan was closed by members of Centerline’s Chicago office, including Klingher and Felicia Bell.
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 privately held 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.