Centerline Capital Group Refinances a Multifamily Property in St. Charles, Illinois
— Total funding equals $6.5 Million—
New York, NY — September 17, 2012 — 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 (OTC: CLNH), announced today it has provided a $6.5 million Fannie Mae loan to refinance a multifamily facility in St. Charles (Kane County), Illinois.
Constructed in 1970 and remodeled in 1985 and 2007, Surrey Hill Apartments consists of 118 units contained in one four-story building. The borrower is Surrey Hill Apartments, LLC, a family-owned and operated company. The loan term is 10 years fixed with a 30-year amortization. The new loan will reduce debt service payments by 13.4%.
Surrey Hills Apartments is located in the Kane County submarket in the City of St. Charles, which is approximately 38-miles west of downtown Chicago. Specifically, the subject property is located along the Main Street corridor in the northeastern portion of the city. The surrounding neighborhood consists of a mix of commercial and residential uses located to the east of the St. Charles central business district.
“The borrower constructed Surrey Hill Apartments in 1970 and has owned and managed the facility for the past 42 years,” said Steven Cox, Director, Commercial Real Estate at Centerline. “The property is in good condition and is a much sought after address in this suburban Chicago city. The complex also has a very high occupancy rate of 98%.
“The Kane County submarket is also well positioned to realize long-term growth and stability,” added Cox. “These factors made this a solid transaction for Centerline.”
The facility has 82 garage parking spaces and 125 surface parking spaces. Other property amenities include a community pool and pool house, two tennis courts, a laundry facility and 100 walk-in storage units. All units have either a patio or balcony.
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 and source for other forms of alternative capital.
About Centerline Capital Group
Centerline Capital Group, a subsidiary of Centerline Holding Company (OTC: CLNH), provides real estate financing and asset management services focused on affordable and conventional multifamily housing. We offer a range of both debt financing and equity investment products, as well as asset management services to developers, owners, and investors. An industry leader, Centerline is structured to originate, underwrite, service, manage, refinance or sell through all phases of an asset’s life cycle. A leading sponsor of Low-Income Housing Tax Credit (LIHTC) funds, Centerline has raised more than $10 billion in equity across 137 funds, and invested in over 1,600 assets spanning 47 states. The firm’s multifamily lending platform services more than $11.5 billion in loans. Founded in 1972, Centerline is headquartered in New York City, with 246 employees in ten offices throughout the United States. A strategic partner of Island Capital, Centerline is organized around four business units: Affordable Housing Equity, Affordable Housing Debt, Mortgage Banking and Asset Management. To learn more about Centerline, visit www.centerline.com.