Centerline Capital Group Refinances Six Multifamily Properties in Los Angeles, California
— Total funding equals $25.3 million —
New York, NY — July 7, 2014 — Centerline Capital Group, a provider of real estate mortgage services for affordable and conventional multifamily housing, announced today it has provided a $23.5 million Fannie Mae credit facility to refinance a six-property multifamily portfolio. All of the properties in the pool are located in Los Angeles, California.
Proceeds from the loan will be used to fund future investments. The loan terms are 10-year term, 30-year amortization with five-year interest only. The borrower is a group of local real estate executives with decades of multifamily ownership and management experience that together currently own multiple properties in the Los Angeles area.
“The borrowing entity and its principals has been a very active in investing in multifamily properties in the Los Angeles area,” commented Rick Warren, Managing Director at Centerline. “This was a complex deal that called for all six properties to be closed as one pool.
“The strength of the sponsors and underlying real estate fundamentals made this a good deal for Centerline,” added Warren. “We were pleased that the loan structure came together so well.”
The properties in the portfolio include:
» 8916 Burnet Avenue. Centerline provided a$5.5 million loan to refinance 8916 Burnet Avenue. Located on the northeast corner of Burnet Avenue and Rayen Street in a residential area, this property is a multi-family residential complex comprised of four, two-story apartment buildings with a total of 52 units. Property amenities include a pool, and a small playground including a climbing system and a slide. Parking for vehicles is provided on asphalt pavement, within tuck under parking spaces, open spaces and carports.
» 8926 Burnet Avenue. Located on the east side of Burnet Avenue between Nordhoff Street and Rayen Street, 8926 Burnet Avenue is located in a residential area and is a multi-family residential complex comprised of eight, two story apartment buildings with a total of 61 units. This property was refinanced for $5.5 million. Property amenities include an in-ground, outdoor swimming pool and laundry rooms located on the first floor in one of the buildings. Parking for vehicles is provided on asphalt or concrete pavement within tuck under parking spaces and open spaces.
» 9237 Van Nuys Blvd. Centerline provided a loan in the amount of $4.9 million for the refinance of this property. Located on the west side of North Van Nuys Boulevard in a multifamily residential area, 9237 Van Nuys is a multifamily residential complex comprised of one, two-story apartment building totaling 52 units. On-site parking is available via a subterranean garage under the building.
» 11120-22 Arminta Street. Centerlineprovided a $2.7 million loan to refinance 11120-22 Arminta Street. Located on the south side of Arminta Street in a residential area, the property is a multifamily building comprised of one, two-story apartment building that houses 27 units. Parking for vehicles is provided on asphalt pavement and within tuck under parking spaces under the building.
» 1215-25 N. Cherokee Ave. 1215-25 N. Cherokee Ave is a residential complex comprised of two, three-story apartment buildings totaling 40 units. It is located on west side of Cherokee Avenue in a multifamily residential area. Parking is available via on concrete pavement and basement parking garages. A loan in the amount of $4.3 million was provided for the refinance.
» 6729 Cleon Avenue. Refinanced by Centerline for $2.4 million, 6729 Cleon Avenue is located on the west side of Cleon Avenue in a mixed commercial and residential area just south of the Burbank Airport. The property is a residential use building comprised of one, two-story apartment building totaling 32 units. Property amenities include an in-ground swimming pool and a laundry room is located on the ground floor of the building. Parking for vehicles is provided on asphalt pavement and within tuck under parking spaces under the apartments.
The broker on the deal was Brian D. Weisberg, Principal of Commercial Realty Consultants, Inc. Commenting on the deal Weisberg said, “Without Ana Ramos and the entire team at Centerline, we would not have been able to complete the refinance of this six building portfolio. Not only was Centerline able to accommodate each and every request by the borrowers as well as secure large discounts on pricing, they also closed the transaction six calendar days after rate locking, three of which were over the Memorial Day weekend.”
Centerline employees involved in the deal include: Ana Ramos, Irma Olguin, Janine Soto, Kim Caldwell and April Swan-Rosney.
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. Centerlineʼs 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 firmʼs 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 161 employees in 14 locations throughout the United States. To learn more about Centerline, visit www.centerline.com.