Haase of Centerline arranges $28.9 million Fannie Mae loan to refinance Fairfield Knolls in Coram

Centerline Capital Group has provided a $28.9 million Fannie Mae DUS loan to refinance Fairfield Knolls, an apartment facility located at 1-174 Pineview Ln. The property is an over 55 market-rate rental community that includes 22 one and two-story townhouse apartment buildings, plus a clubhouse building. Constructed in 2005, the property contains a total of 173 apartment units, all of which are two-bedrooms that cater to adult living, and have their own individual entrance and washer and dryer unit. A portion of the units include access garages with automatic openers and full length driveways. The property also includes a detached garage building with parking for 20 cars. The borrower, Fairfield Properties, is a L.I.-based multifamily owner, who elected to move forward on a 20-year loan term, with a 30-year amortization schedule. Given the current low interest rate environment, the borrower was able to lock in a rate of 4.22%. "The borrower had the opportunity to pay off their existing market rate loan without a prepayment penalty, but needed to do so in a very short period of time," said George Haase, director at Centerline, who negotiated the financing. "Centerline was able to quickly structure a Fannie Mae loan in the early rate lock program and completed the loan - from receipt to signed application - in a swift six weeks." "The Long Island market enjoys one of the highest occupancies in the country, and this property was approximately 98% occupied at the time the loan was closed," added Haase. "This was a solid deal for Centerline. We were pleased at the efficiency with which this deal came together and that we were able to meet the needs of the borrower." The Subject is specially zoned as a Planned Retirement Community, and has a deed restriction requiring tenants to be 55 years or older. Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider and source for other forms of debt and equity.