Centerline Refinances Midwestern Multifamilies

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.