Centerline Capital Group recently provided an $11.4 million Fannie Mae DUS Choice refinancing for the Woodchase Apartments in Chesterfield, Mo., near St. Louis.
Woodchase Apartments is a garden-style multi-family facility that was built in 1984 and is made up of 17 two- and three-story residential buildings and one single-story office/clubhouse.
The property consists of 186 units: 92 one-bedroom and 48 two-bedroom apartments, and 18 one-bedroom and 28 two-bedroom townhome units.
The loan is a 10-year fixed-rate facility with a 30-year amortization period. The portfolio was refinanced to secure a new low interest rate.
“The Chesterfield neighborhood currently has a strong income demographic profile with a stable outlook. As a result, the demand for existing developments in the area is expected to be good,” said Steven Cox, senior vice president of commercial real estate at Centerline. “The borrower is a repeat customer of Centerline with extensive experience in the local commercial real estate market.”
