- Total funding equals $7.7Million -
New York, NY - January 15, 2013 - Centerline Capital Group , a provider of real estate mortgage services for affordable and conventional multifamily housing, announced today it has provided a $7.7 million Freddie Mac commercial mortgage execution to refinance Paloma Del Mar Apartments.
Located in Freedom, California, Paloma Del Mar is an age- and income-restricted apartment community with 130 garden-style units. Built in 1994, the property is comprised of four buildings including:
» One, three-story building with 66 units serviced by a passenger elevator and an attached single story structure with the leasing office, clubhouse and a fitness center
» Three, two-story walk-up buildings with a combined 64 units
This is the third property Centerline has financed for the borrower, Paloma Del Mar Properties, a California LP.
"Paloma Del Mar Apartments is in good condition, has shown a stable occupancy of 93-94% over the past several years, and benefits from solid curb appeal," noted Richard Olrich, Managing Director, at Centerline." "The borrower - a repeat Centerline customer - has worked hard to maintain the property, investing significantly in capital repairs including exterior siding repairs and painting, balcony repairs, as well as interior improvements such as new flooring and appliances."
Freedom, California is a rural area under the jurisdiction of the city of Watsonville, which forms part of the Santa-Cruz-Watsonville MSA. "The local market area is economically stable with increasing population and declining unemployment," added Olrich. " In addition, the apartment market is also stable with very low vacancy rates. These factors, combined with the strength of the sponsor made this a solid deal for Centerline."
Property amenities include a leasing office, on-site manager, clubhouse (with a billiards table, flat screen TV, library and cards table) second recreation room in the three -story building (with a sewing machine and seating area), fitness center, and 113 parking spaces, including 98 carports and 15 open spaces.
The property is professionally managed by Woodmont Real Estate Services, a third party firm established in 1968 and located in Belmont, California. Woodmont has an extensive portfolio of commercial real estate assets under management that includes 59 multifamily properties with over 10,000 units in Northern California.
Centerline`s team included Richard Olrich, Matt Olrich, Blanca Terraza, Vanessa Howes, Pam Short, Dennis Young and Adam Leiden who were instrumental in arranging and closing this transaction.
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