Centerline Closes $131M Loan Package with Fannie Mae
- Oct 29, 2008
Centerline Capital Group, a subsidiary of Centerline Holding Company has announced it closed the last of nine multi-family housing loan transactions. All loans were done with Fannie Mae under its DUS program on behalf of a single borrower for a total of $131 million. Centerline provided the refinancing for a portfolio of eight South County apartment properties that allowed the borrower to pay off first and second mortgages on those properties and free up equity to acquire and complete the rehabilitation of a ninth apartment complex. The original eight multifamily housing developments included: 149 units in Torrance for $23.9 million, 103 units in Hermosa Beach for $16.8 million, 95 units in Redondo Beach for $14.7 million, 95 units in Hermosa Beach for $14.6 million, 78 units in Redondo Beach for $12.5 million, 56 units in Redondo Beach for $8.1 million, 48 units in Lomita for $5.3 million and 44 units in Long Beach for $2.6 million. The ninth property to round out the borrower’s portfolio of apartments is a 161-unit complex in a premier waterfront location in Redondo Beach. That loan, the largest so far, closed on October 10, 2008 for $32 million. All nine properties carry the same loan terms: seven years at fixed rates, with the remaining year adjustable and pre-payable, without a pre-payment penalty any time during the adjustable rate period.