Centerline Capital Group Refinances a Multifamily Facility Located in Oak Park, Illinois
— Total funding equals $3.25 Million—
New York, NY —March 10, 2014 —Centerline Capital Group, a provider of real estate mortgage services for conventional and affordable multifamily housing, announced today it has provided a Fannie Mae DUS loan in the amount of $3.25 million to refinance a multifamily property in Oak Park, Illinois.
Located at 1000 Pleasant Street, Fountainhead Apartments is a four-story building (including unfinished basement at partially submerged garden level) with two interior courtyards between the building’s three wings. The property has five distinct addresses but is known primarily by its 1000 Pleasant Street address.
The borrower is Fountain Head Apartments, LLC, an Illinois limited liability company, and Melvyn Kushner, a highly regarded real estate investor. The property has been very well maintained by Kushner who has been engaged in ownership and management of multifamily complexes for nearly 40 years.
“The Property was built in 1922 and has been well cared for by the owner who has owned and managed the Property since 1974,” noted Bill Hyman, Senior Managing Director at Centerline. “Oak Park is renowned for the architectural influences of Frank Lloyd Wright and Fountainhead Apartments maintains much of the charm associated with that period.”
Centerline closed another deal in Oak Park with Kushner in mid-2013, Mills Park Apartments, a vintage courtyard garden apartment complex that consists of 76 units housed within two 3-story buildings. The property was also located on Pleasant Street.
“It is always a pleasure working with Mel Kushner and his incredible team on projects such as Fountainhead,” continued Hyman. “This beautiful apartment complex embodies the charm and elegance that Oak Park is known for, while providing the modern conveniences contemporary renters demand.”
Fountainhead is situated near public transit which provides direct access to Chicago’s city center and is well-located near various shopping, entertainment and dining options in Oak Park. The property consists of 38 residential units with 2 unit types in multiple floor plans – a 750 square foot one-bedroom, one-bathroom unit, and a 1,200 square foot two-bedroom, one-bathroom unit.
The Property is managed by Arthur Goldner & Associates, Inc. (“AGA”), a fully diversified real estate organization which provides commercial and multifamily brokerage services, leasing services and asset/property management services. “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,” said Bonnie Norman, Fountainhead property manager.
The loan was closed by members of Centerline’s Chicago office, including Felicia Bell and John Sloot.
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 $10.4 billion in loans, of which affordable housing makes up $916 million. Founded in 1972, Centerline is headquartered in New York City, with 159 employees in 13 locations throughout the United States. To learn more about Centerline, visit www.centerline.com.