Centerline Capital Group Refinances a Multifamily Property in Philadelphia

Centerline, a provider of real estate financial and asset management services for affordable and conventional multifamily housing, announced Monday it has provided a $4.4 million Fannie Mae Tier 2 loan for the refinance of Oxford Portfolio, a multifamily facility located in Philadelphia, Pennsylvania.  Built in 1940, Oxford Portfolio is a 117-unit garden style apartment complex that consists of seven buildings on four parcels, including three contiguous parcels and one non-contiguous parcel.  The borrower acquired the property in 2007 and has invested approximately $175,000 in capital improvements in the past three years, including new appliances, new flooring, unit upgrades, plumbing and electrical upgrades, and roof replacements.   There are 40 Section 8 voucher tenants at the subject.

Reuters

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