Centerline Capital Group recently provided a $2.25 million Fannie Mae small balance loan to refinance Aspen Court Townhomes in St. Peter, Minn.
Aspen Court Townhomes is a garden-style multi-family facility that was built in 1999 and is made up of eight two-story buildings with a total of 41 units. All of the units have two bedrooms and one-and-a-half bathrooms. A total of 16 of the units also have a den. The loan is a 10-year fixed-rate facility with a 30-year amortization period.
The borrower is Aspen Court Townhomes, LLC, a Minnesota limited liability company. The proceeds of the loan will be used to pay off existing indebtedness and recoup expenses recently incurred for capital improvements.
“Aspen Court has been well maintained and is located in a residential neighborhood with good visibility and appeal,” said Peter Margolin, senior vice president in the Mortgage Banking Division at Centerline. “The property is currently fully occupied, and has enjoyed an average occupancy rate of 100 percent, outpacing other local comparable properties. We are pleased to help the borrower take advantage of the current low-interest-rate environment with this new loan.”
The broker was Mike Polencheck from Towle Financial in Minneapolis.
