Centerline Capital Group Refinances a Multifamily Property in St. Charles, Illinois

Centerline announced Monday it has provided a $6.5 million Fannie Mae loan to refinance a multifamily facility in St. Charles (Kane County), Illinois. Constructed in 1970 and remodeled in 1985 and 2007, Surrey Hill Apartments consists of 118 units contained in one four-story building.  The borrower is Surrey Hill Apartments, LLC, a family-owned and operated company. The loan term is 10 years fixed with a 30-year amortization.  The new loan will reduce debt service payments by 13.4%. Surrey Hills Apartments is located in the Kane County submarket in the City of St. Charles, which is approximately 38-miles west of downtown Chicago. Specifically, the subject property is located along the Main Street corridor in the northeastern portion of the city.  The surrounding neighborhood consists of a mix of commercial and residential uses located to the east of the St. Charles central business district.

- Reuters

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