CHICAGO-The Centerline Capital Group has just announced that it has provided two conventional Fannie Mae loans totaling $69 million to refinance Glen Oaks Commons, a 504-unit development in Des Plaines, a suburb of Chicago, and River Oaks of Rochester Hills, a 424-unit development in suburban Detroit. Both developments were sponsored by Malkin Properties, a property owner and management firm that currently manages over 2,700 rental units in Illinois, Kansas, Michigan, Missouri, and Virginia.
“We were pleased that these loans came together so well,” noted Adam Klingher, a senior vice president at Centerline. “The loans were provided to the same borrower, a new Centerline client. The sponsor has more than twenty-five years of experience developing, owning, operating and managing commercial real estate. These factors made these deals attractive to Centerline.” The loans were closed by members of Centerline's Chicago office, including Klingher and Brooke Jackson.
Centerline provided Glen Oaks Commons with a $40.5 million loan to refinance. Developed in 1970 but renovated on an ongoing basis, it has seven four-story brick apartment buildings. The property is currently 96% occupied and the owner has invested more than $500,000 in property improvements over the last three years.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.