Centerline Capital Group, a subsidiary of Centerline Holding Company, recently announced it has completed a two property cash out portfolio refinance on multifamily properties located in Chicago.
The two properties are Buena Plaza Apartments and 4410 Sheridan Apartments, located in Uptown, the Belmont to Montrose submarket in Chicago. The neighborhood is mainly made up of attached multifamily dwellings with single-family units and small retail spaces scattered throughout the area.
Located at 4363 North Kenmore Avenue, Buena Plaza Apartments is a six-story apartment building which contains 66 studio units and one two-bedroom/one-bathroom apartment. Built in 1916 the property also features two commercial spaces on the first floor, representing 10.58 percent of the total rentable area. The loan on the property was for $3.5 million.
For 4410 Sheridan Apartments, Centerline provided a $1.6 million refinance loan. The property was built in 1906 and includes four one-bedroom/one-bathroom units and 14 two-bedroom/one-bathroom apartments in a three story apartment building.
The term for the two Fannie Mae loans is ten-year with a 30-year amortization schedule and the total investment by Centerline is $4.7 million. “The borrower has more than 20 years of multifamily ownership and management experience,” said Peter Margolin, senior vice president in the Mortgage Banking Division at Centerline. “The borrower needed to refinance these properties that were quickly coming up on their loan maturity dates. We were pleased we were able to simultaneously deliver on both loans.”
The broker of the deal was Gershon Friedman of Meridian Capital’s Chicago office, while Centerline’s team included Margolin, Carla Keller and Karla Fresnedo.
Logo Courtesy of: www.centerline.com