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May. 24, 2013

Centerline Funds $6.7M Fannie Mae Loan for Jacksonville M-F Property

By Georgiana Mihaila, Associate Editor

The 136-unit Pinewood Pointe Apartments has recently been refinanced by a $6.75 million Fannie Mae fixed-rate, affordable loan provided by Centerline Capital Group.

The fixed-rate loan has a 12-year term, 9.5-year lockout, and a 30-year amortizing schedule. The borrower is SP Pinewood LP, a Florida limited partnership. The proceeds from the loan will be used to refinance existing tax-exempt bonds, which were also financed by Centerline, which is a subsidiary of Centerline Holding Co.

The affordable multifamily property, originally built in 1991, consists of 24 two-story apartment buildings and a clubhouse, with 48 units being garden style and the other 88 townhouse style apartments. Amenities include a clubhouse/leasing office with business center, common laundry room, a community pool, two children’s playgrounds, car wash area and picnic areas. Pinewood Pointe Apartments was acquired and renovated in 2007 with tax-exempt bonds issued by Florida Housing Finance Corp. and equity from the sale of 4 percent low income housing tax credits.

“The property is well-located in a desirable residential neighborhood with high=quality development surrounding the property and easy access to major employers, supportive commercial uses and recreational amenities,” noted Jim Gillespie, managing director at Centerline. “The borrower is a repeat Centerline client that is a very experienced multifamily developer, owner and manager. At Centerline, we continuously look to identify affordable housing opportunities that are attractive to our investors and also make a significant impact on the communities where they exist.”

Image via www.pinewoodpointe.com