SAN FRANCISCO—Although details still remain mum, GlobeSt.com has learned that Centerline Capital Group, a provider of real estate mortgage services for affordable and conventional multifamily housing, has provided $120 million in Fannie Mae financing for a portfolio of multifamily properties located in Northern California.
The loans have 10-year terms and are interest-only for the duration of the loan. “The Borrower is a financially strong, seasoned multifamily investor with a long term relationship with Fannie Mae,” says Adam Leiden, VP at Centerline. “The properties are in good condition and are located in the Bay area which is enjoying strong occupancy and rent growth.”
The loans were provided in 49 days from application to closing, adds Richard Olrich, managing director at Centerline. The Centerline deal team included: Leiden, Olrich, Blanca Terrazes, Vanessa Howes and Stephanie Kwok.
Centerline could not provide GlobeSt.com with any further details at this time, but we will update this story as we learn more.