multifamily complex that comprises
264-units contained in four,
six-story buildings, and a
2,500 square foot retail unit
on the ground floor.
OAKLAND, CA-Centerline Capital Group exclusively tells GlobeSt.com that it has arranged for a $55-million bridge loan to recapitalize a multifamily property here. The loan was completed with Centerline’s origination partner, C-III Commercial Mortgage LLC and was provided to Berkshire Property Advisors for the refinance of the Domain Apartments.
Domain Apartments is a mid-rise multifamily complex that comprises 264-units contained in four, six-story buildings, and a 2,500-square-foot retail unit on the ground floor.
Improvements to the property, including the construction of a two-story underground garage, were made to the multifamily complex in phases, first between 2005 and 2007 with the original developer, and then between 2009 and 2011 with the current owner and borrower.
“Berkshire purchased the partially completed property in September of 2009 and invested approximately $48.7 million to complete the upgrades,” explains Paul Donahue, managing director in the mortgage banking group at Centerline. “The property is currently 98% occupied and is considered to be a quality, high-end class A rental project, thanks in large part to the build-out and wide variety of amenities.”
Property amenities include a central lobby, on-site management, a rotating art gallery on the ground level, which features art from local artists rotated every month, “connection caf