VADNAIS HEIGHTS, MN- The New York-based Centerline Capital Group has provided a $4.2 million Fannie Mae loan to refinance the initial construction loan for Arcades Estates West, a newly-built 84-unit apartment development in Vadnais Heights, Minnesota, just outside St. Paul. Arcade Estates West, LLC, a single-purpose entity formed to acquire and manage the property, borrowed the money. Patrick and Carol Goff of Goff Homes, Inc., own Arcades Estates West.
The Minnesota loan was not Centerline's only recent activity in the Upper Midwest. The firm also provided a $4.9 million Fannie Mae loan to Ansonia Properties, LLC so they could acquire Brighton Square, a 122-unit community in Madison, Wisconsin with seven low-rise apartment buildings. This property is more than 30 years old, but most of the units have newly-renovated kitchens and Ansonia intends to continue the renovations.
Finally, Centerline also provided a $5.2 million Fannie Mae loan to refinance Oak Knoll, an apartment complex in Cary, Illinois with 100 units in 4 low-rise buildings. Oak Knoll was built in 1966 but underwent an extensive renovation between 2007 an 2012. Greenspire Capital, LLC, a single asset entity, borrowed the money, and since forming in November 2011 to acquire Oak Knoll it has spent hundreds of thousands on capital expenditures.
“Oak Knoll, Brighton Square and Arcade Estates West were three solid deals for Centerline,” said Adam Klingher, senior vice president at Centerline, in a prepared statement. “The properties are all in good condition, are well-managed, and enjoy very high occupancy rates. We were pleased these loans came together so well and were able to deliver on each of these financings.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
