MENTOR, OH-The longtime owner of the 90-Unit Concord Place Apartments obtained a $4.27 Fannie Mae Choice loan to refinance the multifamily property, which was built in 1989. Centerline Capital Group of New York City provided the loan, which has an 18-year fixed rate and a 25-year amortization period.
The borrower, operating under the name Concord Place Apartments Co. LP developed the multifamily property at 9786 Woodcreek Dr. The new loan facility is being used to refinance an existing Centerline Fannie Mae portfolio loan that has been in the Centerline portfolio for more than 20 years.
“The Concord Place Apartments loan is unusual in that carries an 18-year term,” explains Steven Cox, director, Commercial Real Estate at Centerline in a press release. Cox, who partnered with Ian Monk to secure the loan for the owner/developer, goes on to say that occupancy at the complex is 100%.
“Because the property is in a trust, the borrowers did not want the refinance risk," Cox adds. "The long-term loan with lower amortization was appealing to them because it leaves a low loan balance at the end of the term."
Concord Place is situated on 11 acres and consists of two-bedroom units measuring 1,075 square feet. Rents are between $865 and $915 a month. The upscale units have a single-family home feel, with each unit offering a small front yard, attached garage and driveway.
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