MIAMI—Fannie and Freddie are getting much of the multifamily lending action. But Centerline Capital Group just closed on a $4.5 million CMBS loan to refinance The Grove Villas. The CMBS loan has a 10-year term that will amortize over a 30-year period.
Located in Gainesville, FL, The Grove is a 144-unit multifamily complex that sits on a 10.21-acre site at 6400 Southwest 20th Avenue. The multifamily property offers 24, two-story buildings and a laundry facility.
“The Grove Villas is located in the western portion of Gainesville, Florida, approximately three miles west of the University of Florida campus,” says Ian Monk, assistant vice president at Centerline. “Approximately 20% of the tenants are students with two-thirds being graduate students and one-third being undergraduate students.”
This is a vintage multifamily asset. Nineteen of the apartment buildings, containing 114 units, were constructed in 1976. The other five buildings, containing 30 units, were added to the property in 1985. The borrower bought the multifamily property in 2006.
“The borrower is a commercial architect and a certified general contractor with over 35 years of experience in the design and construction industry, and solid local market expertise with current ownership interest in three apartment complexes containing 275 multifamily units in Gainesville, Florida,” says Monk. “The property is well maintained with a stable occupancy. These factors made this a quality deal for Centerline.”
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