Centerline Provides Acquisition, Renovation Financing for Florida Asset
- Mar 18, 2014
West Palm Beach, Fla.—Centerline Capital Group has provided a $15.2 million Fannie Mae Loan to enable the acquisition and renovation of Woodlake Apartments, an affordable multifamily community located in West Palm Beach, Fla. The 224-unit property was built in 1998. It consists of 14 two-story apartment buildings, a one-story maintenance/laundry building and a single-story leasing office/clubhouse.
The borrower is Woodlake Preservation, a limited partnership formed in 2012 for the specific purpose of acquiring and owning the fee interest and renovating Woodlake Apartments. Woodlake Preservation is an affiliate of The Related Companies, and was awarded a tax-exempt bond and 4 percent LIHTCs from the Housing Finance Authority of Palm Beach County. Permanent financing came through Fannie Mae’s Moderate Rehabilitation program.
“While the property is in overall good condition, it is in need of upgrades to the building exteriors, unit interiors and the community building to preserve and maintain the property for future affordable tenants,” notes Jim Gillespie, managing director at Centerline Capital Group.
The loan term is 16 years, with a 35-year amortization after 12 months of interest only payments. The financing will fund property renovations of more than $30,000 per unit.
“The short-term bond structure is a very good alternative to finance the preservation of affordable acquisition/rehabilitation transactions,” says Mark Carbone of Related. “We are seeing a tremendous increase in demand for this product and look forward to partnering again with Jim and his team at Centerline on similar transactions.”
Greystone closes $40.4M for Tennessee apartments
Franklin, Tenn.—Greystone has provided a $40.4 million HUD loan to refinance Viera Cool Springs Apartments, a 469-unit market-rate townhome community located in Franklin, Tenn. Donny Rosenberg originated the deal, which was structured as a non-recourse 35-year fully amortizing HUD 223(f) loan.
The community was built in 1987 and is located in the Cool Springs submarket of Nashville, about equidistant from Memphis and Knoxville. The location offers a strong transit network and is considered one of the premier business centers in the Southeast.
Meridian Capital negotiates $39.3M in financing for mixed-use properties
New York—Meridian Capital Group announced the following transactions:
- Meridian negotiated a new mortgage of $3.15 million on a 26-unit, eight-story multifamily building located on Frederick Douglass Boulevard in New York. The loan features a rate of 2.93 percent and a three-year term. Shamir Seidman and Daniel Neiss negotiated this transaction.
- A new mortgage of $13.34 million was placed by Meridian on a 41-unit, five-story mixed-use building located on Villa Avenue in the Bronx, N.Y. The loan features a rate of 3.75 percent and a three-year term. Michael Ryback and Judah Hammer negotiated this transaction.
- Meridian negotiated a new mortgage of $11.5 million on a 79-unit, six-story multifamily building located on East Hartsdale Avenue in Hartsdale, N.Y. The loan features a rate of 3.75 percent and a 12-year term. Tal Bar-Or negotiated this transaction.
- A new mortgage of $4.5 million was placed by Meridian on two three-story multifamily buildings containing 12 units located on Knickerbocker Avenue in Brooklyn, N.Y. The loan features a rate of 3.65 percent and a five-year term. Morris Diamant and David Steinmetz negotiated this transaction.
- Meridian negotiated a new mortgage of $3.75 million on a 59-unit, six-story multifamily building located on 65th Street in Brooklyn, N.Y. The loan features a rate of 3.63 percent and a 12-year term. Josh Rhine negotiated this transaction.
- A new mortgage of $3.1 million was placed by Meridian on a 41-unit, four-story multifamily building located on Franklin Street in Bloomfield, N.J. The loan features a rate of 3.75 percent and a 10-year term. Morris Diamant and Mordechai Beren negotiated this transaction.