The borrower on all three deals was the Reilly-Joseph Co., a privately owned and operated apartment development firm.

"The borrower is a new Centerline client that has more than 30 years of experience developing, owning and managing multifamily real estate," Adam Klingher, Senior Vice President at Centerline, says. "The proceeds from all three loans were used to pay off existing loans and simultaneously put into place long-term interest-only facilities that enabled the borrower to get the maximum cash flow from the properties." Centerline provided a $6 million Fannie Mae loan to refinance Hunters Ridge I & II Apartments in Pewaukee, a 130-unit garden apartment community that includes 15 two- and three-story brick apartment buildings, one clubhouse and one maintenance and pool house building. Hunters Ridge was developed in two phases between 1989 and 1991. Additionally, Centerline provided a $3 million Fannie Mae loan facility for Hunters Ridge III, a garden apartment community, also located in Pewaukee. The complex includes five two- and three-story brick apartment buildings containing 76 units. It was developed in 1991. Also, Centerline secured a $6.4 million Fannie Mae loan to refinance Stone Creek, a multifamily facility in Waukesha. The property, a garden style apartment complex, comprises 138 units in 9 two- and three-story residential buildings. It was built in 1997. "We were pleased these loans came together so well and were able to deliver on each of these financings simultaneously," Klingher adds. Centerline's team of Klingher and Brooke Jackson were instrumental in the arranging and closing of all three transactions. Reilly-Joseph was established in 1972 and has developed about 2,000 units of which they still own and operate 1,600. The company operates Wisconsin apartment complexes in Menomonee Falls, New Berlin, Pewaukee and Waukesha. Centerline is a provider of real estate financial and asset management services for affordable and conventional multifamily housing and a subsidiary of Centerline Holding Co. Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider and source for other forms of debt and equity.