Centerline Capital provides $7 million loan; Handled by Pins of Marcus & Millichap

Centerline Capital Group, a provider of real estate financial and asset management services for affordable and conventional multifamily housing, and a subsidiary of Centerline Holding Co., has provided a $7 million Fannie Mae DUS loan to refinance 928-934 Myrtle Ave. Apartments, a multifamily property. Myrtle Ave. Apartments is a class B multifamily portfolio that consists of four, five-story walk-up residential buildings. Originally developed in 1906, and renovated in 2003, the facility is comprised of 104 units, including four one-bedroom, one-bathroom units, 96 two-bedroom one-bathroom apartments, and four three-bedroom one-bathroom units. The borrower is 928 Myrtle Avenue, LLC, a New York LLC. Proceeds from the loan will be used to replace two existing loans and the transaction is structured with a 10-year term and 30-year amortization schedule. "The borrower is a seasoned local real estate executive with more 30 years of experience investing in commercial real estate," said Steven Cox, director, and head of Centerline's New York mortgage banking production team. "Upon securing the property, the owner invested in significant capital improvements and the facility is currently in excellent condition." "The property is located in the Bedford Stuyvesant neighborhood of Brooklyn. This area, known as District 3, is an appealing location to homeowners and renters seeking affordable housing and moderate pricing," said Cox. "The local area is expected to continue to prosper and the property is currently more than 90% occupied. These factors, combined with the solid deal sponsorship, made this a good deal for Centerline." The loan was brokered by Anita Pins in the New York office of Marcus and Millichap Capital Corp. The mortgage banking group at Centerline provides mortgage financing for conventional multifamily properties throughout the United States. Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider, bridge and CMBS lender, and source for other forms of alternative capital.