Centerline Capital Group provides $17.55 million Freddie Mac loan to refinance Renaissance Apartments

Centerline Capital Group has provided a $17.55 million Freddie Mac loan to refinance an apartment facility. The Renaissance Apartments includes a total of 187 apartment units housed in a nine-story multifamily building situated in the Rochester MSA. The property is located at 2500 East Ave. on the east side of East Ave. and the north side of Penfield Rd. Constructed by the borrower in 1974, the unit mix includes four studios, 58 one-bedroom units, 105 two-bedroom apartments, 19 three-bedroom units, and one four-bedroom apartment. The borrower is Martin Zelman Enterprises, a multifamily and commercial property owner and investor. "The borrower invested approximately $430,000 in 2010 and 2011 to make major capital improvements to the property, including furniture and carpet replacements and boiler repairs," said George Haase, director at Centerline. "The proceeds of the new loan will be used to refinance existing debt and provide working capital for continued enhancements to the facility." Property amenities include parking for 270 automobiles, with a separate garage providing 120 enclosed parking spaces, an on-site doorman, 24-hour TV security, valet parking and heated garage, indoor pool and whirlpool, two exercise rooms, sauna, laundry room on each floor, and multiple outdoor terraces. The on-site retail spaces are leased to a restaurant, a beauty salon, and a dentist's office. "The property is well located with direct access to downtown Rochester and the Greater Rochester International Airport, and the Rochester market has recently improved, with many sectors adding new jobs," continued Haase. "We provided a 10-year loan with a 5-year interest only period, an important requirement of the borrower. We were pleased to deliver on this unique loan in a timely and efficient manner. This was a solid deal for Centerline. In addition, this deal was important because of a long-term relationship between Centerline and Martin Zelman Enterprises; Mr. Zelman has been a client of mine for more than 25 years." The Renaissance is located near multiple parks and retail centers. Surrounding land uses consist primarily of single family homes and multifamily developments. Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider and source for other forms of debt and equity. Centerline Capital Group, a subsidiary of Centerline Holding Co., provides real estate financing and asset management services focused on affordable and conventional multifamily housing. We offer a range of both debt financing and equity investment products, as well as asset management services to developers, owners, and investors. An industry leader, Centerline is structured to originate, underwrite, service, manage, refinance or sell through all phases of an asset's life cycle. A leading sponsor of Low-Income Housing Tax Credit (LIHTC) funds, Centerline has raised more than $10 billion in equity across 137 funds, and invested in over 1,600 assets spanning 47 states. The firm's multifamily lending platform services more than $11.5 billion in loans. Founded in 1972, Centerline is headquartered in New York City, with 246 employees in ten offices throughout the United States. A strategic partner of Island Capital, Centerline is organized around four business units: Affordable Housing Equity, Affordable Housing Debt, Mortgage Banking and Asset Management.