Centerline Capital Group has provided a $6 million Fannie Mae DUS mortgage to refinance 2339 Hudson Terrace, a cooperative multifamily property. The loan proceeds will be used to pay off an existing Fannie Mae first mortgage and to fund an ongoing capital improvement program including roof replacements and additions to common area amenities.
Built in 1951, 2339 Hudson Terrace is comprised of 223 apartment units housed in three, six-story buildings. The buildings are directly accessed by a circular driveway that leads to the rear parking lot. The unit mix is 25 studio apartments, 100 one-bedroom one-bathroom units, and 98 two-bedroom one-bathroom units. On-site parking includes 220 open parking spaces and 20 spaces provided in under-building garage bays.
The proposed loan term is ten years, with principal amortizing over a 30-year schedule.
"Hudson Terrace is located in Fort Lee, N.J., a very strong residential market with excellent access to public transportation and employment centers," said Josh Messier, VP mortgage banking at Centerline. "The local area is expected to continue to grow and the property has operated successfully as a cooperative for 29 years. These factors, combined with solid deal sponsorship and previous Fannie Mae experience made the cooperative an ideal candidate for a Fannie Mae execution."
The property is 100% sold and the borrower is the cooperative corporation known as 2339 Hudson Terrace Corporation, a New Jersey Corporation. The property benefits from excellent access to public transportation and employment centers in Manhattan.
The property is professionally managed by Foremost Management Corporation, a Palisades Park-New Jersey based residential and commercial management firm. Foremost provides services to more than 40 condominiums and cooperatives associations throughout Northern NJ, consisting of more 1,800 units.
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. Tags: