Centerline Capital Group Refinances a Multifamily Property in Kennewick, Washington
— Total funding equals $2.7 million —
New York, NY — June 11, 2014 — Centerline Capital Group, a provider of real estate mortgage services for affordable and conventional multifamily housing, announced today it has provided an FHA loan in the amount of $2.7 million to refinance Quail Ridge Apartments, a multifamily property located in Kennewick, Washington.
Located at 1026 West 10th Avenue in Kennewick, Quail Ridge Apartments is a 51-unit rental community. Built in 1997, Quail Ridge is an affordable housing property comprised of five, two-story apartment buildings and one single-story garden style building.
“The borrower is an experienced affordable housing management company with a long tenure in the community and a solid understanding of the local rental market,” stated Jim Gillespie, Managing Director at Centerline Capital Group. “This new loan will enable our client to recapitalize the asset while taking advantage of the favorable interest rates available through long-term HUD insured financing.”
Kennewick is located in southeastern Washington at the confluence of Columbia, Snake and Yakima Rives that is also known as the Tri-Cities. The Tri-Cities is also comprised of the cities of Richland, Kennewick and Pasco. The property is located in a stable residential neighborhood with convenience retail and commercial uses along major thoroughfares.
“The new loan structure will result in the preservation of a valuable affordable housing resource in the local market,” added Gillespie. “The local market is stable, with demographic indicators pointing to a positive outlook for continued rental demand going forward. These factors combined with the strength of the borrower made this a solid investment for Centerline.”
The property contains a mix of two-bedroom one-bathroom apartments, three-bedroom two bathroom apartments, and four-bedroom two-bathroom apartments. Property amenities include an on-site leasing and management office, playground, pool, fitness room and community room with kitchen.
The Affordable Housing Debt group at Centerline provides mortgage financing for affordable multifamily properties throughout the United States. Centerline is a Fannie Mae DUS lender, Freddie Mac TAH lender, 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.