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.
The company provided River Oaks of Rochester Hills with a $28.5 million loan to refinance. The development has 33 two- and three-story apartment buildings that were developed in 1987 and have also been renovated on an ongoing basis. The property sits near Chrysler's headquarters in Auburn Hills.
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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.
