Centerline Capital Group refinances The Griffin Cooperative-$5 million

Centerline Capital Group has provided a $5 million Fannie Mae DUS mortgage to refinance The Griffin Cooperative, a multifamily property located at 101 Lafayette Ave. The loan proceeds will be used to pay off an existing first mortgage and to fund an ongoing capital improvement program to refurbish the exterior brick masonry and replace the roofs. In addition to providing the first mortgage financing, Centerline assisted the borrower, 101 Lafayette Corp., within lining up an unsecured line of credit. The loan carries an interest rate of 3.74% for a 10-year term with 30-year amortization and 9.5 years yield maintenance. The Griffin Cooperative is a 16-story pre-war high-rise apartment building that was constructed in 1931 and converted to cooperative space in 1985. The property includes 202 cooperative apartment units with shares, and one superintendent's unit, and one rental apartment without shares. The property is 89% sold (182 units). "The property is located in the Fort Greene neighborhood of Brooklyn, a very strong residential market with excellent access to public transportation and employment centers," said Steven Cox, director, and head of Centerline's New York mortgage banking production team, who arranged the financing with Ian Monk. "The local area is expected to continue to prosper and the property has operated successfully as a cooperative for 27 years. These factors, combined with the solid deal sponsorship, made the Griffin Cooperative a perfect deal for the Fannie Mae early rate lock program. Centerline was able to provide a quick turnaround allowing the Cooperative to execute and close promptly."