Centerline Capital Group recenty provided a $12.2 million loan to refinance the Copper Creek Apartments in Evansville, Ind.
Copper Creek Apartments is a Class-A garden-style multi-family facility made up of 16 two- and three-story buildings with a combined total of 291 units. The loan is a 10-year fixed rate Fannie Mae facility with a 30-year amortization period. The loan proceeds will be used to pay off the combined existing debt and yield maintenance that will mature in 2012.
“Evansville enjoys one of the most stable economies in the country, due to the diversity in size and nature of existing businesses and industries in the area,” said Steve Cox, senior vice president of commercial real estate at Centerline. “Copper Creek Apartments is also a well-maintained, owner-developed facility that has a very high occupancy rate of 95.9 percent.”
