– Total funding equals $10.4 Million-
New York, NY -February 24, 2014 – Centerline Capital Group, a provider of real estate mortgage services for conventional and affordable multifamily housing, announced today it has provided a Freddie Mac conventional loan in the amount of $10.4 million to refinance a multifamily property located in Antioch, Tennessee.
Cedar Pointe Apartments is a 210-unit garden style apartment complex that is comprised of 11, two- and three-story apartment buildings plus a leasing office/clubhouse building.
The borrower, Cedar Pointe Properties, LTD, built the Property in 1988 and financed the development with $9.5 million in tax exempt bonds issued in 1985. The property is located in the city of Antioch in Davidson County, which is part of the Murfreesboro Pike/Antioch submarket in the Nashville MSA.
"Cedar Pointe is located in a market that consistently supports demand for multifamily housing and offers a diversified economic base including healthcare services, professional services, and entertainment," noted Keith C. Morris, Vice President, Mortgage Banking Group at Centerline. "The property is well managed and enjoys a very stable occupancy rate. Our transaction provided cash to the Borrower for capital improvements that will enhance the collateral. These factors, combined with the strength of the sponsor and underlying real estate fundamentals made this a solid deal for Centerline."
Cedar Pointe Apartments has been professionally managed by Alexander Properties Group, Inc. (APG) since 2003. APG was established in 1982, is based in Atlanta, and currently manages 12 multifamily properties with 1,934 units including 580 units in the Nashville MSA located in Antioch, Tennessee.
Property amenities include a leasing office/clubhouse with free WiFi, business center, ping pong table, coffee bar and movies; an outdoor swimming pool and hot tub and sun deck with bbq grill station and picnic area; a playground, lighted tennis court, dog park, fitness center, car care center, and 365 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.
About Centerline Capital Group
Centerline Capital Group, a real estate finance company, provides financing and investing for conventional and affordable multifamily housing throughout the United States. Centerline is organized around two business units: Mortgage Banking and Affordable Housing Debt. Under the Mortgage Banking and Affordable Housing Debt businesses, Centerline partners with developers, owners, and investors to provide them with capital to develop, acquire or redevelop their real estate assets. Centerline`s core debt products consist of Fannie Mae, Freddie Mac, or HUD/FHA financing. In addition, through several strategic alliances, Centerline offers various CMBS executions for multifamily and other commercial properties, bridge loans and select joint venture equity products. Today the firm`s lending platform manages and services more than $12.2 billion in loans, of which affordable housing makes up $3.1 billion. Founded in 1972, Centerline is headquartered in New York City, with 210 employees in 13 locations throughout the United States. To learn more about Centerline, visit www.centerline.com.
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Source: Centerline Holding Company (CharterMac) via GlobeNewswire