Centerline Capital Group recently provided a $4.65 million Fannie Mae DUS loan for the refinance of Cambridge Villas, a multi-family facility located in Omaha.
The borrower is a well-known, local family-owned developer, owner and operator. The Fannie Mae loan, a 20-year fully amortizing facility, will be used to refinance existing debt and provide capital for building improvements. The loan’s terms are 75 percent loan-to-value, 1.27 debt service coverage on refinance, with a 20-year term.
Built in 1997, Cambridge Villas is a 72-unit, garden-style Class-B apartment complex on 6.85 acres of land. The campus includes 13 two-story apartment buildings, and the unit mix consists of nine one-bedroom, one-bathroom units; 52 two-bedroom, two-bathroom units; and 11 three-bedroom, two-bathroom units.
“This was an interesting and complex deal due to a complicated ownership structure that involved numerous individuals, trustees and family trusts,” said Joseph Markech, vice president in the Mortgage Banking Division at Centerline Capital Group. “The borrower was interested in a fully amortizing structure to take advantage of current low interest rates and to secure the funding necessary to improve the property. Our team mobilized quickly, worked through the ownership structure issues and put the deal into place.”
Project amenities include a leasing office, swimming pool, garages and a fitness room. Unit amenities include fully equipped kitchens, patios or balconies, fireplaces, intercoms, vaulted ceilings, washer/dryer hookups and walk-in-closets.
