FRAZER, PA-Centerline Capital Group has provided three Freddie Mac loans totaling $66.2 million to refinance three apartment properties in Pennsylvania.
The loans were closed simultaneously for the same borrower, a Pennsylvania limited partnership. Each carries a 10-year term with 25-year amortization schedule and replaces an existing Freddie Mac loan.
The loan for Westgate Village Apartments in Frazer was $23.7 million. The 230-unit Chester County complex was built in 1974 and is comprised of 15 two-story buildings. Amenities include a newly completed community center, pool, tennis courts, and a fitness center.
Fairways Townhouses, a 160-unit complex in Thorndale, built in 2000, was refinanced for $22.3 million. The complex includes 23, two-story apartment buildings. Amenities include garage parking, a community room, pool, tennis courts, a fitness center, and an on-site day-care center.
The Fairway Apartments in Thorndale, originally built in 1974, received a $20.2 Freddie Mac loan. The 234-unit complex of 31 two-story buildings offers 600 parking spaces. Amenities include a community room, pool, tennis courts, a fitness center, and an on-site day-care center.
“The borrower is a repeat Centerline and Freddie Mac client with many years of experience developing, owning and managing multifamily real estate in the local area,” said Steven Cox, head of Centerline's New York mortgage banking production team. “The properties are all located in Chester County, considered to be the most affluent county in Pennsylvania, and there is very little new construction coming on line in the market in the near future.”
“In addition, historical vacancy rates at all three properties is very good, and the properties are in good condition and well managed,” Cox said. The refinancing was handled by Cos and Michael Powell.
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