BALTIMORE-Centerline Capital Group has secured a total of $22 million in Freddie Mac refinancing for three multifamily projects here. The deals were standard, straightforward transactions – and, given the surprising news earlier this year that the GSEs would be scaling back their multifamily financing, that in itself is a notable development. Centerline has not seen a scale back in activity, its VP James Kelly tells GlobeSt.com. "We haven't noticed a difference in quotes at all."
The loans - all cash out refinances of an existing Freddie Mac execution - were closed simultaneously for the same borrower, a Maryland limited partnership. The properties are all located northeast of Baltimore and include:
Clear Springs Townhomes, a 69-unit garden-style apartment complex located in Parkville. The $5 million loan is a seven-year term with a 30-year amortization.
Durban Road, a 60-unit garden-style apartment complex located in Perry Hall. The term of the $2.75 million loan is 10 years with a 15-year amortization.
Cottington Road, a 288-unit garden-style apartment complex located in Perry Hall, MD. The $14 million loan carries a 10-year term with 15-year amortization schedule.
The borrower is a repeat Centerline client, according to Kelly, who noted that the three-property portfolio represents the sixth, seventh, and eighth deals closed with the borrower, making Centerline's total commitment $96.3 million.
Most of the proceeds will go to renovating and improving the properties.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
