Centerline Capital Group recently provided a $4.275 million Fannie Mae Choice loan for the refinance of a multi-family property in Mentor, Ohio.
Concord Place Apartments is a 90-unit apartment complex that consists entirely of two-bedroom, two-bathroom units. The borrower, Concord Place Apartments Co. LP, developed the property in 1989.
The loan facility will be used to refinance an existing Centerline Fannie Mae portfolio loan that was in the Centerline portfolio for more than 20 years. Loan terms include an 18-year fixed rate, with a 25-year amortization period.
“The Concord Place Apartments loan is unusual in that carries an 18-year term,” said Steven Cox, director of commercial real estate at Centerline. “Because the property is in a trust, the borrowers did not want the refinance risk. The long-term loan with lower amortization was appealing to them because it leaves a low loan balance at the end of the term.
“The property is well maintained and has a current occupancy rate of 100 percent,” added Cox. “These factors, combined with the solid sponsorship and property management, made this an attractive deal for Centerline.”
The Centerline team on the deal included Cox and Ian Monk.