News
Multifamily Owners Hunt for Debt
August 1, 2012
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| It’s a busy time for refi, especially multifamily. Owners are hot to get money at low rates, often to make upgrades to compete with the coming wave of new properties. Recently Centerline Capital Group oversaw the refi of the Oxford Portfolio, a 117-unit garden-style apartment complex in the Frankford neighborhood of Philadelphia. It was a $4.4M Fannie Mae Tier 2 loan. The property was a perfect fit for a Fannie Small Loan execution, Centerline SVP Owen Breheny tells us: “The sponsor, who owns several hundred units in the Philadelphia market, was interested in long-term debt on the asset.” |
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| Built in 1940, Oxford Portfolio consists of seven buildings on four parcels. The borrower acquired the property in 2007 and has invested about $175k for capital improvements in the past three years, including new appliances, new flooring, plumbing and electrical upgrades, and roof replacements. Tenants seem to be responding: the place has been over 95% occupied over the last 12 months. |
