TODAY’S DEALS: Centerline Refinances Three Wisconsin Assets
Pewaukee & Waukesha, Wisc.—Centerline Capital Group has provided three Fannie Mae loans totaling $15.5 million to refinance three multifamily communities located in Wisconsin. The Reilly-Joseph Co., a developer and operator, was the borrower on all three deals.
“The borrower is a new Centerline client that has more than 30 years of experience developing, owning and managing multifamily real estate,” says Adam Klingher, senior vice president at Centerline. “The proceeds from all three loans were used to pay off existing loans and simultaneously put into place long-term interest-only facilities that enabled the borrower to get the maximum cash flow from the properties.”
The properties refinanced include:
Hunters Ridge Apartments (Pewaukee, Wisc.)—Centerline provided a $6 million loan to refinance this 130-unit garden-style apartment community. It was built in two phases between 1989 and 1991. Amenities include a pool and fitness center.
Hunters Ridge III (Pewaukee, Wisc.)—Centerline provided a $3 million loan to this 76-unit property. It was developed in 1991. Amenities include a clubhouse/leasing office, a swimming pool and a fitness center.
Stone Creek (Waukesha, Wisc.)—Centerline provided a $6.4 million loan to refinance this 138-unit asset, which was built in 1997. Amenities include a clubhouse/leasing office, fitness center, laundry facility, swimming pool and playground.
298-unit asset hits auction block in Raleigh
Raleigh, N.C.—WM Six Forks has puts its Manor Six Forks apartment complex in Raleigh, N.C., up for sale pursuant to a confirmed Chapter 11 bankruptcy plan of liquidation. The five story property is located in the Raleigh Beltline. The 2010-built asset is currently 90 percent occupied, and contains 14,000 square feet of unfinished retail space.
Bidding starts at $37.2 million. The deadlines is March 18, 2013 at 4:00 pm. The auction, if any, will be conducted on March 20, 2013 at a time and place to be determined. For further information go to www.manorsixforks.com.
NorthMarq arranges $19.4M, cash-out in life insurance company refinance
Pleasanton, Calif.–Jeffrey Weidell, assisted by Brian Esquivel, of NorthMarq’s San Francisco Regional office arranged first mortgage refinancing of $19.4 million for Valley Plaza Villages, a 144-unit market-rate multifamily community located at 4411 Valley Avenue in Pleasanton, Calif. Financing was based on a 10-year term and a 30-year amortization schedule.
NorthMarq arranged this financing for the borrower, E&S Ring, through its relationship with a correspondent life insurance company.
“We negotiated prepayment and a loan increase with the existing lender based on strong property history,” Weidell says. “The borrower was able to achieve cash out and the lender was able to retain a quality loan due to a structured prepayment and refinance of the existing debt.”