SANTA ROSA, CA-GlobeSt.com exclusively learns thatCenterline Capital Group has provided a $17.85-million Fannie Mae affordable loan to facilitate the acquisition of Redwood Park Apartments in Santa Rosa, CA. The borrower is Redwood Park Venture LP and the sponsor is Security Properties.
This is the second deal Centerline recently closed with Security Properties. In late 2012, the firm provided the sponsor an $11-million FNMA Affordable Preservation loan facility to refinance Claremont Villas, an affordable housing property located in Claremont, CA.
Located at 2001 Piner Rd., Redwood Park Apartments is a 156-unit apartment complex consisting of 12, two-story apartment buildings and one, one-story community/leasing office building. Approximately 60 units have recently been renovated. The unit mix consists of 16, one-bedroom apartments, 120, two-bedroom units and 20, three-bedroom apartments.
The property benefits from a California Section 214 Welfare Tax Exemption, according to Centerline. Suzanne Cope,SVP of debt originations at the firm says that “As long as the property is under a regulatory agreement and provides 20% of the units to tenants that are at or below 80% of area median income, the property will benefit from a considerable real estate tax abatement of up to 90% of actual taxes but not special assessments.”
Redwood Park Apartments is in Sonoma County, CA, approximately 56 miles north of San Francisco. “Sonoma County generally, and the city of Santa Rosa, have found renewed momentum, and job growth has been fueled by the county's core industries,” says Cope. “These factors, combined with the deal's solid real estate fundamentals, strong sponsorship and high occupancy rates, made this the perfect deal for Centerline.”
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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.
