OAKLAND, CA-Centerline Capital Group exclusively tells GlobeSt.com that it has arranged for a $55-million bridge loan to recapitalize a multifamily property here. The loan was completed with Centerline’s origination partner, C-III Commercial Mortgage LLC and was provided to Berkshire Property Advisors for the refinance of the Domain Apartments.
Domain Apartments is a mid-rise multifamily complex that comprises 264-units contained in four, six-story buildings, and a 2,500-square-foot retail unit on the ground floor.
Improvements to the property, including the construction of a two-story underground garage, were made to the multifamily complex in phases, first between 2005 and 2007 with the original developer, and then between 2009 and 2011 with the current owner and borrower.
“Berkshire purchased the partially completed property in September of 2009 and invested approximately $48.7 million to complete the upgrades,” explains Paul Donahue, managing director in the mortgage banking group at Centerline. “The property is currently 98% occupied and is considered to be a quality, high-end class A rental project, thanks in large part to the build-out and wide variety of amenities.”
Property amenities include a central lobby, on-site management, a rotating art gallery on the ground level, which features art from local artists rotated every month, “connection caf
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
