Centerline Capital Group Refinances Two Multifamily Properties in Sacramento, California

Centerline announced it has closed two Fannie Mae DUS loans that total $16.96 million, to refinance multifamily properties in Sacramento, California for a single sponsor. The borrower is JCM Partners, LLC, a Delaware entity formed in May 2000 that currently owns and manages many multifamily and commercial properties in Northern California.  The properties include: 1) Fair Oaks Meadows Apartments ($6.24 million loan) which is a garden style multifamily community that was built in 1987, and 2) River Blu I ($10.7 million loan) which is a garden style multifamily complex.  The two loans are cash-out refinances and the proceeds from the cash-out will be used to purchase additional apartment investments.  The loan term is seven years, with principal amortizing over a 30-year schedule, and the interest rate is 3.30%.

Reuters

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s