Centerline Capital Group Refinances a Multifamily Property in Cottage Grove, Minnesota
— Total funding equals $3.63 Million—
New York, NY — April 2, 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 $3.63 million Fannie Mae DUS Choice Loan to refinance a multifamily property in Cottage Grove, Minnesota.
Cottages of Cottage Grove is a 59-unit senior age-restricted, income-restricted community located at 8240 East Point Douglas Road South. The property was built in 1993, and consists of five one-story townhome buildings and twelve detached garages.
The neighborhood includes a mixture of residential and commercial properties. Cottage Grove, Minnesota is located approximately 9 miles southeast of St. Paul and 16 miles southeast of Minneapolis.
“The property is well located and is performing well, with a current occupancy of 97%,” noted Bryan Cullen, Managing Director, at Centerline Capital Group. “The sponsors of the deal are successful local investors, having combined real estate experience of 60 years. These factors made this an attractive deal for Centerline.”
The borrower is SWS Properties, LLC and Cottages at Cottage Grove is managed by Oak Grove, a property management firm that specializes in managing apartment communities in the Midwest. Oak Grove currently manages an office building in St. Paul and eight apartment communities totaling 980 units in Minnesota and Michigan.
The unit mix includes 12 one-bedroom, one-bathroom units, 31 two-bedroom, one-bathroom apartments and 16 three-bedroom, one-bathroom units. The property has 39 regular open parking spaces, 6 handicapped designated spaces and 60 garage stalls.
Property amenities include a community room, laundry facilities and an on-site leasing office. Recent improvements include new roofs (replaced in 2009), and new windows and siding (replaced in 2010).
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 Multifamily Housing. 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. Centerline is a strategic partner of Island Capital Group, a real estate merchant banking group headquartered in New York. To learn more about Centerline, visit www.centerline.com.