Centerline Provides $66.2M for Three Pennsylvania Assets

Centerline refinances three assets; and Harbor Group International buys a 256-unit apartment community in Virginia Beach.

Chester County, Pa.—Centerline Capital Group has provided three Freddie Mac loans that total $66.2 million to refinance three multifamily properties located in Pennsylvania. The loans are all standard commercial mortgage executions that were closed simultaneously for the same borrower, a Pennsylvania limited partnership. All three loans carry a 10-year term with a 25-year amortization schedule, and were used to replace existing loans originated by Centerline and Freddie Mac.

“The properties are all located in Chester County, considered to be the most affluent county in Pennsylvania, and there is very little new construction coming on line in the market in the near future,” says Steven Cox, director of Centerline’s New York mortgage banking production team. “In addition, historical vacancy rates at all three properties is very good, and the properties are in good condition and well managed.”

The properties include:

  • Westgate Village Apartments—Centerline provided a $23.7 million loan to refinance Westgate Village Apartments, a garden-style 230-unit multifamily facility constructed in 1974.  The property is located in Frazer, Pa. Property amenities include a newly completed community center, pool, tennis courts and a fitness center.
  • Fairway Townhouses—Fairway Townhouses is a 160-unit garden-style multifamily complex that was built in 2000. Centerline provided a $22.3 million loan to refinance this property located in Thorndale, Pa. Amenities include garage parking, a community room, pool, tennis courts, a fitness center and an on-site day-care center.
  • Fairway Apartments—Centerline provided a $20.2 Freddie Mac loan to refinance Fairway Apartments, a 234-unit multifamily facility that was constructed in 1974 with additional structures built in 1997. Also located in Thorndale, Pa., this property’s amenities include a community room, pool, tennis courts, a fitness center and an on-site day-care center.

Habor Group acquires 256-unit community in Virginia Beach

Mayflower Seaside

Virginia Beach, Va.—Harbor Group International has acquired Mayflower Seaside, a 256-unit apartment community located in Virginia Beach, Va. The 1952-built property is located a block from the oceanfront. ARA represented the seller, Fairfield Mayflower Seaside LLC, in the transaction.

“There was a lot of interest in this property, which is a positive sign for the area’s apartment market,” says Mike Marshall, ARA’s lead broker on the transaction. “Virginia Beach is a vibrant market that has remained consistently strong over the past few years and looks even stronger over the five year forecast. This asset is poised to benefit from the market’s future trends of low vacancy and above average rent growth.”

Headquartered in Norfolk, Va., Harbor Group International currently has a worldwide real estate portfolio comprised of 9.5 million square feet of commercial space and approximately 24,500 apartment units.