Both loans were getting closer to their maturity dates. The term of the new Fannie Mae loans is ten-years with a 30-year amortization.
The fact that the borrower has more than 20 years of multifamily ownership and management experience as a single asset, limited liability firm that has invested “significant capital” in improvements to both properties over the past three years was an aiding factor to closing the deal, said Centerline’s senior vice president of the mortgage banking division Peter Margolin.
The loan for the Buena Plaza Apartments, a six-story apartment building with 66 studio units and two commercial spaces built in 1916, was for $3.5 million.
A $1.6 million loan was used to refinance 4410 Sheridan Apartments, a three-story apartment building that houses 12 units constructed in 1906.