Centerline Capital Group Refinances Two Multifamily Properties in the Uptown Neighborhood of Chicago
— Total funding equals $4.7 million —
New York, NY — July 9, 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 completed a two property cash out portfolio refinance on multifamily properties located in the Uptown neighborhood of Chicago.
The term of the two Fannie Mae loans is ten-year with a 30-year amortization schedule and the total investment by Centerline is $4.7 million. Both properties are located in Uptown, the Belmont to Montrose submarket in Chicago. The neighborhood is primarily comprised of attached multifamily dwellings with single-family dwellings scattered throughout the area along with small retail spaces. The immediate area has good access to the local transportation system and favorable demographics to attract tenants.
The properties include:
- Buena Plaza Apartments. Located at 4363 N. Kenmore Avenue, Buena Vista Apartments is improved with one, six-story apartment building containing 66 studio units, and one two-bedroom/one-bathroom apartment. The property, built in 1916, also has two commercial spaces on the first floor that represents 10.58% of the total rentable area. The loan on this property was for $3.5 million.
- 4410 Sheridan Apartments. Centerline provided a $1.6 million loan to refinance 4410 Sheridan Apartments, a three-story apartment building that houses 12 units. The property includes four one-bedroom/one-bathroom units and 14 two-bedroom/one-bathroom apartments. The property was constructed in 1906.
The Borrower is a single asset, limited liability company that has invested in significant capital improvements in both properties over the past three years. Both properties are currently in good condition.
“The borrower has more than 20 years of multifamily ownership and management experience,” said Peter Margolin, senior vice president in the Mortgage Banking Division at Centerline. “The borrower needed to refinance these properties that were quickly coming up on their loan maturity dates. We were pleased we were able to simultaneously deliver on both loans.”
Centerline’s team, including: Margolin, Carla Keller and Karla Fresnedo were instrumental in closing these transactions. Gershon Friedman of Meridian Capital’s Chicago office was the broker on the deal.
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 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 Housing Investments. 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. To learn more about Centerline, visit www.centerline.com.