Centerline Capital Group Refinances a Cooperative Multifamily Property in Brooklyn

Centerline announced today it has provided a $5 million Fannie Mae DUS mortgage to refinance The Griffin Cooperative, a multifamily property located in Brooklyn, New York. The loan proceeds will be used to pay off an existing first mortgage and to fund an ongoing capital improvement program to refurbish the exterior brick masonry and replace the roofs. In addition to providing the first mortgage financing, Centerline assisted the Borrower within lining up an unsecured line of credit. The Griffin Cooperative is a 16-story pre-war high-rise apartment building that was constructed in 1931 and converted to cooperative space in 1985. The property includes 202 cooperative apartment units with shares, and one superintendent’s unit, and one rental apartment without shares.   The property is 89% sold (182 units).

Reuters

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