Centerline Capital Group has provided a $6.5 million Fannie Mae loan to refinance a multifamily facility in St. Charles.
Constructed in 1970 and remodeled in 1985 and 2007, Surrey Hill Apartments consists of 118 units contained in one four-story building. The borrower is Surrey Hill Apartments LLC, a family-owned and operated company. The loan term is 10 years fixed with a 30-year amortization. The new loan will reduce debt service payments by 13.4 percent.
Surrey Hill Apartments is located in the Kane County submarket in the city of St. Charles, which is approximately 38 miles west of downtown Chicago. Specifically, the subject property is located along the Main Street corridor in the northeastern portion of the city. The surrounding neighborhood consists of a mix of commercial and residential uses located to the east of the St. Charles central business district.
“The borrower constructed Surrey Hill Apartments in 1970 and has owned and managed the facility for the past 42 years,” said Steven Cox, director, commercial real estate at Centerline. “The property is in good condition and is a much sought after address in this suburban Chicago city. The complex also has a very high occupancy rate of 98 percent.
“The Kane County submarket is also well positioned to realize long-term growth and stability. These factors made this a solid transaction for Centerline.”
The facility has 82 garage parking spaces and 125 surface parking spaces. Other property amenities include a community pool and pool house, two tennis courts, a laundry facility and 100 walk-in storage units. All units have either a patio or balcony.
The Mortgage Banking Group at Centerline provides mortgage financing for conventional multifamily properties throughout the United States. Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider and source for other forms of alternative capital.