Centerline Capital provides a $2.5 million loan to refinance Heirtage Apartments

Centerline Capital Group, a provider of real estate mortgage services for conventional and affordable multifamily housing, has provided a CMBS loan in the amount of $2.5 million to refinance Heritage Apartments, a multifamily property. The loan was a conduit commercial mortgage that refinanced the property and provided cash for property improvements. The borrower is Georgia Heritage Associates LP, a Georgia Limited Partnership. Heritage Apartments is comprised of 21, two and three-story apartment buildings. Built in 1967, the property is a 188-unit, garden style apartment complex situated on 11.65 acres of land. The unit mix includes 28 one-bedroom, one-bathroom units, 156 two-bedroom, one-bathroom apartments and 4 two-bedroom, two units. "Heritage Apartments is in fair overall condition, and the owner is proactive in terms of capital improvements and property maintenance," said Keith Morris, vice president, mortgage banking Group at Centerline. "The property is performing well and the owner will use the cash proceeds from the loan to make capital improvements that will enhance the curb appeal. In addition, the property benefits from strong management. This was a solid deal for Centerline." The property is professionally managed by Blanchard & Calhoun Real Estate Co., a prominent management company in Augusta that has been managing properties for over 90 years. The firm's property management division currently manages over 800 apartment units and in excess of 300 single-family residential units as well as over 100 commercial properties locally. Blanchard & Calhoun have managed Heritage Apartments for the past 17 years. Property amenities include a swimming pool, tennis court, clubhouse, playground and laundry facility. The property also offers 300 open parking spaces. 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.