STOUGHTON, WI - Centerline Capital Group provided a $4.05 million FNMA affordable preservation loan facility to refinance the Rosewood Apartments, a senior housing complex.
The property, located about 16 miles southeast of Madison, is an age-restricted, garden-style affordable housing complex that has 90 units housed in two connected three-story buildings.
At closing, the property was outside of the 15-year tax credit compliance period, but within the 15-year extended use compliance period. Portions of the proceeds from the cash out refinancing will be used to pay off existing hard debt and unsecured debt held by Centerline Capital Group.
The borrower is Stoughton Senior Housing Limited Partnership, led by local real estate owners and investors Lyndon Jackson and Charles W. Giesen.
“The loan facility we put into place for Rosewood Apartments taps Fannie Mae's extended rate-lock program, which allowed the borrower to minimize rate risk while waiting for the end of the current prepayment structure,” Suzanne Cope, Centerline's SVP of Debt Originations, says in a press release. “The borrower was thrilled that we were able to push proceeds with a strong appraisal and ended up closing on higher proceeds than promised at application.”
Centerline Capital Group is a a provider of real estate financial and asset management services for affordable and conventional multifamily housing, and a subsidiary of Centerline Holding Co. It is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider and source for other forms of debt and equity.
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