MIAMI—Fannie and Freddie are getting much of the multifamily lending action. But Centerline Capital Group just closed on a $4.5 million CMBS loan to refinance The Grove Villas. The CMBS loan has a 10-year term that will amortize over a 30-year period.

Located in Gainesville, FL, The Grove is a 144-unit multifamily complex that sits on a 10.21-acre site at 6400 Southwest 20th Avenue. The multifamily property offers 24, two-story buildings and a laundry facility.

“The Grove Villas is located in the western portion of Gainesville, Florida, approximately three miles west of the University of Florida campus,” says Ian Monk, assistant vice president at Centerline. “Approximately 20% of the tenants are students with two-thirds being graduate students and one-third being undergraduate students.”