(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
SAN JOSE-GlobeSt.com has learned exclusively that Centerline Capital Group, a provider of real estate financial and asset-management services for affordable and conventional multifamily housing and a subsidiary of Centerline Holding Co., has simultaneously closed three Fannie Mae DUS loans that total $46.7 million to refinance multifamily properties in Northern California for a single sponsor.
The loans include:
- An $18.1-million Fannie Mae DUS Choice loan to refinance Amber Court Apartments, a garden-style apartment complex in Fremont, CA, with 168 units and 21 total buildings, including 18 two-story residential buildings, a leasing office and two maintenance buildings. Property amenities include remote-controlled security access, outdoor swimming pool and sauna, fitness center, children’s play area, wall-mounted air conditioning and heating and 315 parking spaces including 169 covered spaces.
- A loan facility in the amount of $16.5 million for the Arbors Apartments in Livermore, CA, a garden-style complex comprising 19 buildings including 17 two-story residential buildings and a leasing office. Property amenities include an outdoor swimming pool, fitness center, tennis courts, basketball court and 324 parking spaces including 162 covered spaces.
- A $12.1-million loan to refinance Diablo Vista Apartments in Livermore, a low-density complex comprising 135 units in 19 buildings, including 17 two-story residential buildings, a leasing office and fitness center. Property amenities include a swimming pool, children’s play area, half basketball court and 270 parking spaces including 135 carports.
“This was a complex deal due to a variety of complicated affordable-housing issues related to each property, in particular the redemption of tax-exempt bonds,” said Richard Olrich, managing director at Centerline, in a prepared statement. “Centerline was able to efficiently work through these issues and facilitate a swift refinance on behalf of the borrower.”
Olrich said the total financing, from application to close, was put into place in 60 days, and the rate was locked within 27 days from receipt of application. Olrich, along with Centerline’s Adam Leiden, Krage Olrich and Matt Olrich, were instrumental in the arranging and closing of these three transactions. “We were thrilled to deliver so quickly on each of these financings simultaneously.”
Centerline was unable to disclose the borrower’s identity, but a spokesperson for the firm tells GlobeSt.com that the purpose of the refinancing was to pay off some existing tax-exempt bonds and other taxable supplements.
As GlobeSt.com previously reported, in May Centerline financed the $11.6 million purchase of University Suites, a garden-style student-housing property with 171 units and 503 beds in Greenville, NC, on behalf of Realco Partners, a New York City-based REIT. And in April, GlobeSt.com exclusively learned that Centerline had provided a $6.6-million loan facility through Fannie Mae's Multifamily Affordable Housing Program that enabled the acquisition of two multifamily properties in Utah—one on Layton and one in South Ogden—on behalf of an undisclosed buyer.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
