Centerline Capital Group, a provider of real estate financial and asset management services for affordable and conventional multi-family housing, provided a 20-year Fannie Mae DUS loan in the amount of $6.9 million to refinance Grandview Gardens Apartments in Florissant, Mo., which is within the St. Louis Metropolitan Area.
Grandview Gardens Apartments is a 424-unit apartment complex contained within 55 two-story buildings and a leasing office. Constructed in 1956 and 1958, the property is situated on a 24.33-acre development and is currently 97 percent leased.
The borrower is a family partnership that acquired the property more than 30 years ago and has owned and operated it ever since. The borrower plans to use the majority of the cash-out loan proceeds for future capital expenditures.
“Grandview Garden Apartments was a great transaction for Centerline and for the borrower,” said Adam Klingher, senior vice president at Centerline Capital Group, in a written statement. “The property is well-located and well run.”
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