BALTIMORE-TriStar Management has refinanced 116 Warwickshire Ln., a 352-unit apartment building in the Glen Bernie submarket, here for $14 million with GSE financing. Centerline Capital Group tapped Freddie Mac for the seven-year loan, which John Beam, a managing director in the company’s Mortgage Banking Group, tells me, which came with a very competitive rate. Also working on the transaction was Atlanta-based James Kelly and Keith Morris.
Kudos go to Freddie Mac for pushing the transaction to closure in time for March 1, Beam and Kelly say. Because of the timeliness, the borrower was able to save a full month of additional interest payments. Other than that, the deal was standard fare for Freddie Mac, with both borrower and property typical of its investment criteria. “It's a strong property, low-leverage loan, strong sponsor, and a borrower with a long track record with Freddie Mac,” Kelly says.

The deal was conducted out of the Atlanta office, Kelly and Beam say. Occasionally Mid-Atlantic transactions overlap between the Atlanta office, established last year, and Centerline’s long-standing Tysons Corner, VA, office. The Atlanta office is working on more locally-based GSE refinancing as well, Kelly says.

The property, Willow Apartments, is being refinanced under Freddie Mac’s CME program. TriStar Management is a wholly-owned affiliate of Southstar Capital Group, which owns and manages approximately 6,000 apartment units in the eastern UnitedStates and Texas.