Centerline Capital Group finances multiple multifamily properties totaling $20.45 million

Centerline Capital Group, a provider of real estate financial and asset management services for conventional and affordable multifamily housing, and a subsidiary of Centerline Holding Company, has provided the following finances: In the first transaction, Centerline provided four Fannie Mae loans totaling $10.05 million to facilitate the refinancing of properties located in Cincinnati and Dayton, Ohio. Located in Cincinnati, Kenwood Olde Towne is a 99-unit garden apartment complex well located in a desirable neighborhood and school district. Park Layne, Rockwood and Riverstone are located near downtown Dayton, in close proximity and total 297 units. All three are high rise buildings. The sponsor is a leader in the Ohio multifamily industry and has developed a large portfolio over decades in the local real estate markets. In addition to their owned portfolio, they provide first-class property management on a regional basis to a variety of third-party owners," said Joseph Markech, vice president at Centerline. "We were pleased to provide these loans to a first-time Centerline client, and we hope to partner with them again in the future." The loan was brokered through BlueMark Capital in Cincinnati. Chip Kupferberg, a Principal Member of BlueMark, said "This is another example of Centerline meeting all expectations and delivering for the borrower. Based on their expertise, they will continue to be our first call for Fannie Mae DUS business in the future." The four properties were developed between 1964 and 1969. The unit mix consists of 48 one-bedroom, one-bathroom apartments, 27 two-bedroom, one- bathroom units, 80 two-bedroom, one-and-one-half bathroom apartments, and four two-bedroom, two-bathroom units. Site amenities include a swimming pool, clubhouse, tennis court, basketball court, storage units, playground, garages and a laundry facility in the lower level of each building. The loan was closed by Centerline's Chicago office. The deal team included Joseph Markech and Felicia Bell. In the second transaction, Centerline provided a Freddie Mac conventional loan in the amount of $10.4 million to refinance a multifamily property located in Antioch, Tennessee. Cedar Pointe Apartments is a 210-unit garden style apartment complex that is comprised of 11, two- and three-story apartment buildings plus a leasing office/clubhouse building. The borrower, Cedar Pointe Properties, LTD, built the Property in 1988 and financed the development with $9.5 million in tax exempt bonds issued in 1985. The property is located in the city of Antioch in Davidson County, which is part of the Murfreesboro Pike/Antioch submarket in the Nashville MSA. "Cedar Pointe is located in a market that consistently supports demand for multifamily housing and offers a diversified economic base including healthcare services, professional services, and entertainment," noted Keith C. Morris, Vice President, Mortgage Banking Group at Centerline. "The property is well managed and enjoys a very stable occupancy rate. Our transaction provided cash to the borrower for capital improvements that will enhance the collateral. These factors, combined with the strength of the sponsor and underlying real estate fundamentals made this a solid deal for Centerline." Cedar Pointe Apartments has been professionally managed by Alexander Properties Group, Inc. (APG) since 2003. APG was established in 1982, is based in Atlanta, and currently manages 12 multifamily properties with 1,934 units including 580 units in the Nashville MSA located in Antioch, Tennessee. Property amenities include a leasing office/clubhouse with free WiFi, business center, ping pong table, coffee bar and movies; an outdoor swimming pool and hot tub and sun deck with bbq grill station and picnic area; a playground, lighted tennis court, dog park, fitness center, car care center, and 365 open parking spaces.