NEW YORK CITY-Centerline Capital Group announced Friday it has provided a $7 million Fannie Mae DUS loan to refinance 928-934 Myrtle Ave. Apartments, a multifamily property in Beford Stuyvesant, Brooklyn.
Myrtle Avenue Apartments is a class B multifamily portfolio that consists of four, five-story walk-up residential buildings. Originally developed in 1906 and renovated in 2003, the facility is comprised of 104 units, including four one-bedroom, one-bathroom units, 96 two-bedroom one-bathroom apartments, and four three-bedroom one-bathroom units.
The borrower is 928 Myrtle Avenue, LLC, a limited liability company. Proceeds from the loan will be used to replace two existing loans and the transaction is structured with a 10-year term and 30-year amortization schedule. The loan was brokered by Anita Pins in the New York office of Marcus and Millichap Capital Corp.
“The borrower is a seasoned local real estate executive with more 30 years of experience investing in commercial real estate,” says Steven Cox, director, and head of Centerline's New York mortgage banking production team, in the announcement. “Upon securing the property, the owner invested in significant capital improvements and the facility is in excellent condition.”
“This area is an appealing location to homeowners and renters seeking affordable housing and moderate pricing,” continues Cox. “The local area is expected to continue to prosper and the property is more than 90% occupied. These factors, combined with the solid deal sponsorship, made this a good deal for Centerline.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
