DENTON, TX—Centerline Capital Group has provided $17.3 million in financing for a 120-unit student housing property here. The Freddie Mac CME loan went toward the purchase of the Midtown Denton Apartments, which was built in 2011 and 2012 near the University of North Texas.
The borrower’s identity was no disclosed, but Centerline senior vice president Yogesh Joshi indicates, “The new property owner plans to improve the amenity package and provide professional management. These changes, combined with a highly focused customer service oriented management and cost reductions are expected to result in sustained strong operations on-site.”
The debt carries a fixed rate for seven years and one year of interest-only payments followed by a 30-year amortization. The deal closed within 50 days of receiving the loan application.
Located at 905 Denton St., the property features two-, three- and four-bedroom units with high-speed Internet, cable/satellite, dishwashers and expanded cable. The gated community offers such amenities as a tanning salon, swimming pool, 24-hour fitness gym, business center, clubhouse, TV lounge and a billiards/game room.
Centerline’s Mortgage Banking Group provides mortgage financing for conventional multifamily properties throughout the US. Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider, bridge and CMBS lender, and source for other forms of alternative capital.