Centerline Capital Group Refinances a Multifamily Property in New York City
— Total funding equals $6 million—
New York, NY — April 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 that two members of its New York office – Chad Musgrove and Kris Molloy – originated a $6 million Freddie Mac loan to refinance The Kenilworth, a multifamily facility located on the Upper East Side of New York City.
Built in 1973, The Kenilworth is a 131-unit, high-rise Class A apartment building. Located on East 80th Street, the 25-story apartment building also has two retail tenants located in a subterranean plaza. The borrower is a single-purpose, New York Corporation that is owned by its shareholders.
“The Kenilworth is in excellent physical condition with a modern lobby and doorman service that creates exceptional curb appeal,” noted Musgrove, Associate,at Centerline Capital Group. “The unit interiors were recently renovated by the coop shareholders and the property has a furnished roof deck that is a superior amenity in the market.”
The property has excellent access to employment centers, shopping, and major thoroughfares and benefits from direct routes into New Jersey and Long Island. Other property amenities include bicycle storage and laundry facilities.
“The Kenilworth is located in an expanding neighborhood that consistently supports the growing demand for multifamily housing,” added Molloy, also an Associate with Centerline. “In addition, the property is well maintained and fully occupied. These factors, combined with deal’s solid real estate fundamentals, made this the perfect transaction for Centerline.”
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.