Centerline Capital Group has provided a Fannie Mae small balance loan in the amount of $1.305 million for the refinance of Longwood Place, a multifamily facility located in Blue Island.
Longwood Place consists of three, two-story buildings containing a total of 39 units. The borrower is an Illinois Land Trust, a local investor and repeat Centerline customer. The proceeds of the loan will be used to refinance the existing bank loan and to provide capital for improvements to the asset.
Longwood Place is located in Blue Island, which is part of the Chicago MSA and is approximately 15 miles southwest of the Chicago central business district.
“Chicago and its surrounding sub-markets have a large and well-diversified economic structure that has allowed it to remain among the strongest economic centers in the nation,” said Joseph Markech, vice president in the Mortgage Banking Division at Centerline Capital Group. “The business climate in the area is stable and positive. The borrower has successfully owned and managed the property since 1978 and the facility is currently 100 percent occupied and has averaged 91.45 percent over the last 12 months.”
The unit mix includes one bedroom and two bedroom units. The buildings are wood-frame construction and slab on grade foundations. The unit interiors have wall-to-wall carpeting in the living areas and bedrooms and vinyl flooring in the kitchen and bathroom areas. The unit kitchens have standard appliance packages with solid wood cabinetry.
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.
