NEW YORK CITY-Centerline Capital Group, a subsidiary of Centerline Holding Co., told GlobeSt.com EXCLUSIVELY Tuesday it has refinanced four multifamily properties in Brooklyn.
The funds for all four properties came from Fannie Mae loans that carry ten-year terms with 30-year amortization schedules. The total investment by Centerline is $18 million.
The borrower on all four deals is a New York limited liability company, and three of the four properties were refinanced for the same sponsor. All of the properties are in good condition, according to Centerline. Two of them—58 Bushwick Ave. apartments and 161 Maujer St., are in East Williamsburg. The remaining two, 128 Scholes St. and 211 South 1st St., are in Williamsburg.
58 Bushwick Avenue Apartments is an eight-story, elevator building that contains a total of 23 units. The property was built just last year and has three unit types, including two studios, 16 one-bedroom units and five two-bedroom apartments. Common amenities include a gym, a bicycle storage room, and a landscaped backyard. Centerline provided $7.65 million to refinance this property.
The Maujer street asset is a four-story residential walk up building with a basement. It's comprised of eight units and was built in 1920. Completely renovated in 2012, the property consists of two floor plans, a two-bedroom duplex (two-story townhouse) unit, and a three-bedroom unit. Centerline provided a $3 million loan facility to refinance this property.
Meanwhile, Centerline provided a $3.34 million loan to refinance 211 S. 1st St. apartments, a five-story residential walk up building that comprises a total of eight units, plus a basement. The property was built in 2009 and has seven distinct floor plans including one-bedroom units, a studio duplex (two-story townhouse), and a one-bedroom duplex unit.
Centerline also provided a $3 million loan to refinance 128 Scholes St. apartments. The property is improved with a five-story residential walk up building and basement that houses eight units. It was built in 2008 but was only partially completed until the sponsor purchased it in January 2012 and completed construction. The facility consists of three floor plans, ranging from a one-bedroom unit to a one-bedroom duplex (two-story townhouse) unit, to a two-bedroom duplex unit.
“The area has experienced tremendous growth over the past 18 months and rental demand is expected to remain strong for the foreseeable future,” says Josh Messier, VP, mortgage banking at Centerline Capital Group, in the announcement. "These factors, combined with solid deal sponsorship made these transactions ideal candidates for a Fannie Mae execution." The loan was brokered by Leo Schwimmer from United Commercial Group.
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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.
