Centerline Capital Group recently provided a $6.15 million Fannie Mae DUS loan to refinance Eastridge Apartments, a multi-family facility located in Louisville.
The proceeds of the facility will be used to repay an existing CMBS loan and cover all costs associated with the transaction, including a prepayment penalty. The loan also enabled the borrower to significantly reduce the loan interest rate. The borrower is a local commercial real estate owner/operator.
Eastridge Apartments is in Jefferson County in north central Kentucky, located about 15 miles northeast of the Louisville central business district and 17 miles northeast of the Louisville International Airport.
Constructed in 1972 and renovated in 2008, the Eastridge Apartments complex includes 18 two-story brick apartment buildings containing 188 units, a clubhouse and a maintenance/pool house building. The property includes a small rear parking lot with about 40 usable spaces.
“The Property has been steadily improving in terms of occupancy and rent growth over the past 24 months,” said Joseph Markech, vice president in the Mortgage Banking Division at Centerline Capital Group. “Physical occupancy has improved from 90 percent one year ago to the current 97-percent-plus occupancy rate. In addition, the sponsor has owned and operated the property for 10 years, and it is performing at or above comparable properties in the market. We were pleased to be a part of this transaction.”
The unit mix consists of 48 one-bedroom/one-bath units, 64 two-bedroom/one-bathroom apartments, 28 three-bedroom/one-bathroom units and 48 two-bedroom/one-bath townhome units. Property amenities include a clubhouse, grilling area, playground, swimming pool and a central laundry room.
