DALLAS-Improved properties and solid sponsorship led to refinancing to the tune of $19.3 million for Spanish Court Apartments in Mesquite, TX and Spanish Village Apartments in Dallas. Centerline Capital Group, based in New York City, arranged for Fannie Mae facilities on both assets, which carry a 10-year term, 30-year amortization and a 9.5-year yield maintenance period.
Borrower Gage Investments Ltd. acquired both the Spanish Court Apartments at 400 Highland Village Dr. (Mesquite) and Spanish Village Apartments at 3232 Sumter Dr. in May 2012 and renovated them. According to Steven Cox, Centerline's director and head of its banking production team, the borrower renovated and improved the property condition on both assets. “These factors, coupled with the solid deal sponsorship and strength of the local market, made this an attractive deal for Centerline,” he says.
The borrower is also no stranger to either Centerline or Fannie Mae. "Over the past 12 months, Centerline had closed four additional loans for this borrower," Cox adds.
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