Centerline Capital Group has provided a Fannie Mae DUS loan in the amount of $3.25 million to refinance a multifamily property in Oak Park.
Located at 1000 Pleasant St., Fountainhead Apartments is a four-story building with two interior courtyards between the building’s three wings. The property has five distinct addresses but is known primarily by its 1000 Pleasant St. address.
The borrower is Fountain Head Apartments LLC, an Illinois limited liability company, and Melvyn Kushner, a real estate investor. Kushner has been engaged in ownership and management of multifamily complexes for nearly 40 years.
“The property was built in 1922 and has been well cared for by the owner who has owned and managed the property since 1974,” said Bill Hyman, senior managing director at Centerline. “Oak Park is renowned for the architectural influences of Frank Lloyd Wright and Fountainhead Apartments maintains much of the charm associated with that period.”
Fountainhead consists of 38 residential units with two unit types in multiple floor plans – a 750-square-foot one-bedroom, one-bathroom unit, and a 1,200-square-foot two-bedroom, one-bathroom unit.
The property is managed by Arthur Goldner & Associates Inc. The loan was closed by members of Centerline’s Chicago office, including Felicia Bell and John Sloot.