Centerline Capital refinances $10 million Fannie Mae loan

Centerline Capital Group has provided a $10 million fixed-rate Fannie Mae loan to refinance a multifamily property. The Brentmoor at Penn Center was purchased by a private investment group at the end of 2008. At the time of purchase, the property had a significant vacancy rate and was in need of a number of capital improvements. Since acquisition the new owner has greatly improved the building by fixing the deferred maintenance and stabilizing the occupancy. Proceeds from the refinance will be used to repay existing debt and some of the borrower's initial investment, and to fund additional capital improvements to the property. The loan was closed by a team in Centerline's Chicago office. Centerline is one of the nation's leading multifamily mortgage banking institutions. "The borrower has owned the property for just a few years, but has made great strides in enhancing the facility and greatly improving its cash flow," said Adam Klingher, senior vice president at Centerline. "These factors, combined with the borrower's solid track record in the industry, made this an attractive deal for Centerline." Barry Pessin, a representative for the owner, said, "Centerline's process was thorough, yet easy to navigate. They delivered what they promised quickly - the loan was exactly as initially quoted. It was a pleasure doing business with Centerline." 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 and source for other forms of alternative capital. Brentmoor at Penn Center is a 12-story high rise building constructed in the early 1970s. Amenities include a swimming pool and tenant library, fitness center, off street parking, as well as a number of individual parking garages.