Centerline Arranges $10M Loan for 210-Unit Antioch Community
- Mar 31, 2014
By Eliza Theiss, Associate Editor
Centerline Capital Group, a provider of real estate financing services for market-rate and affordable multifamily housing recently provided a $10.4 million Freddie Mac conventional loan to refinance Cedar Pointe Apartments, a 210-unit multifamily asset in the Greater Nashville Area. Borrower Cedar Pointe Properties, LTD will use the loan for capital improvements that will raise the asset’s collateral.
Located in Antioch, TN the garden-style low-rise apartment complex was built in 1988 with financing from $9.5 million in tax exempt bonds issued in 1985. Cedar Pointe Apartments comprises 11 two- and three-story residential structures and a leasing/clubhouse building. The community offers studio, one-, two- and three-bedroom apartments featuring 750, 800, 1,200 and 1,500 square feet of space. Rents start at $690 for studios and go up to $975 for three-bedroom two-bathroom units. All apartments feature walk-in closets, wood burning fireplaces, full washer and dryer connections, enclosed patio or balcony, high speed Wi-Fi and dishwashers. Community amenities include 365 open parking spaces, car care center, fitness center with personal trainer, tanning booth, lighted tennis court, outdoor swimming pool and hot tub, sun deck, barbecue grilling station, picnic area, walking trailers, playground, dog park, ping pong table, business center, coffee bar and movies.
According to Keith C. Morris, vice president, Mortgage Banking Group at Centerline the property enjoys a very stable occupancy rate. Cedar Pointe has been under the management of Alexander Properties Group, Inc. (APG) since 2003. APG currently manages 12 multifamily properties in the Southeastern US, totaling 1,934 units. In the Greater Nashville Area APG has a 580-unit managed portfolio which includes the Wynstone apartment community in Nashville.
“Cedar Pointe is located in a market that consistently supports demand for multifamily housing and offers a diversified economic base including healthcare services, professional services, and entertainment,” Morris added.
According to PropertyShark.com the 18-acre community’s market value was $9.2 million for 2012.
Image via cedarpointnashville.com