The properties include:
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» Glen Oaks Commons. Centerline provided a $40.5 million loan to refinance Glen Oaks Commons, an apartment facility that is comprised of seven four-story brick apartment buildings containing 504 units. The buildings were developed in 1970 and have been renovated on an ongoing basis. The unit mix consists of 280 one-bedroom one-bathroom units, 196 two-bedroom two-bathroom apartments, and 28 three-bedroom two-bathroom units.
Glen Oaks Commons is well located in Des Plaines, Illinois, a close suburb of Chicago and strong real estate market with current vacancy averaging 3.4%. The property is currently 96% occupied and had been well maintained by its owner who has invested more than $500,000 in improvements to the property over the last three years alone.
Property amenities include a swimming pool, leasing office/clubhouse, tennis court, beach volleyball court, fitness center, playground and common area laundry facilities in each building.
» River Oaks of Rochester Hills. Centerline provided a $28.5 million loan to refinance River Oaks of Rochester Hills, a Class A 424 unit garden-style apartment community located in Rochester Hills, Michigan. River Oaks of Rochester Hills is comprised of 33 two- and three-story apartment buildings that were developed in 1987 and have been renovated on an ongoing basis.
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By GlobalDataThe unit mix consists of 70 one-bedroom one-bathroom apartments, 329 two-bedroom two-bathroom units, and 25 three-bedroom two-bathroom apartments. Property amenities include a clubhouse with pool table, television, grand piano, and kitchen facilities (rented to residents only); a 24-hour health club, outdoor pool, hot tub, two playgrounds and two tennis courts.
River Oaks of Rochester Hills is located in Oakland County in Southeastern Michigan, a suburb of Detroit. The property is situated near Chrysler’s headquarters in Auburn Hills.
The sponsor is Malkin Properties, a property owner and management firm that currently manages over 2,700 rental units in Illinois, Kansas, Michigan, Missouri, and Virginia. Malkin Properties has managed multifamily assets for over 40 years.
"We were pleased that these loans came together so well," noted Adam Klingher, Senior Vice President at Centerline Capital Group. "The loans were provided to the same borrower, a new Centerline client. The sponsor has more than twenty-five years of experience developing, owning, operating and managing commercial real estate. These factors made these deals attractive to Centerline."
"Our first experience with Centerline was great. They were easy to work with, well organized and did a good job effectively managing the timing and delivering on the financing as promised," noted George Perry, director of investments at Malkin Properties.
The loans were closed by members of Centerline’s Chicago office, including Klingher and Brooke Jackson.
The Mortgage Banking Group at Centerline provides mortgage financing for conventional multifamily properties throughout the United States. Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider, bridge and CMBS lender, and source for other forms of alternative capital.
