CHICAGO—The Centerline Capital Group, which provides asset management for affordable and conventional multifamily housing, has just completed a seven-property cash out refinancing for seven properties located throughout three Chicago neighborhoods: East Village/Wicker Park, Wrigleyville and Rogers Park. The owner is a local investor, a single-asset limited liability company. All seven loans are Fannie Mae facilities that total $10.5 million.

“The borrower is highly successful local investor with more than 40 years of experience owning and managing multifamily real estate,” said Peter Margolin, senior vice president in the Mortgage Banking Division at Centerline. “The borrower needed to quickly refinance these seven properties that were coming up on their loan maturity dates. We were pleased these loans came together so well and were able to deliver on each of these financings simultaneously.”

Carla Keller and Karla Fresnedo of Centerline also helped arrange and close the seven transactions. Gershon Friedman of Meridian Capital's Chicago office was the transaction's broker.

The term of the loans on all seven properties is ten-years with 30-year amortization schedules. The properties include:

  • 6810 Lakewood Apartments. 6810 Lakewood Apartments is a four-story multifamily complex that comprises a total of 23 units. The property was built in 1923 and includes one studio unit, 20 one-bedroom/one-bath units, and six two-bedroom/one-bath units. The loan provided by Centerline on this property was $1.6 million.
  • 3915 Fremont Apartments. Comprised of 19 units and constructed in 1903, 3915 Fremont is a garden style multifamily property. The property is a three-story apartment building containing 12 one-bedroom/one-bath units and seven two-bedroom/one-bath units. The loan on this property was for $1.7 million.
  • 836 Cornelia Apartments. Centerline provided a $1.8 million loan to refinance 836 Cornelia Apartments, a three-story apartment building that houses 18 units. The property includes four one-bedroom/one-bath units and 14 two-bedroom/one-bath apartments. The property was constructed in 1898.
  • 1401 Huron Apartments. 1401 Huron Apartments was built in 1889 and is a four-story apartment building containing three loft units, one, one-bedroom/one-bath apartment, nine two-bedroom/one-bath units, and three three-bedroom/one-bath units. The loan provided to refinance this property was in the amount of $1.3 million.
  • 6653 Ashland Apartments. Centerline provided $903,000 to refinance 6653 Ashland Apartments, a three-story property with a total of 16 units that was developed in 1925. The unit mix is six one-bedroom/one-bath apartments and ten two-bedroom/one-bath units.
  • 1422 Farwell Apartments. Built in 1925,1422 Farwell Apartments is a mid-rise building that contains 38 total units. A four-story apartment building, the property mix includes one studio unit, 25 one-bedroom/one-bath apartments, and 12 two-bedroom/one-bath units. The loan to refinance 1422 Farwell Apartments was for $2.1 million.
  • 1201 Waveland Apartments. Centerline provided a loan in the amount of $1.2 million to refinance 1201 Waveland Apartments. The property is improved with one four-story apartment building containing 14 one-bedroom/one-bath units, and two, two-bedroom/one-bath units. The property was constructed in 1915.

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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.

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