{"id":1004074891,"date":"2013-05-24T13:46:08","date_gmt":"2013-05-24T21:46:08","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=129419"},"modified":"2022-03-04T10:11:00","modified_gmt":"2022-03-04T18:11:00","slug":"centerline-funds-6-7m-fannie-mae-loan-for-jacksonville-m-f-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/centerline-funds-6-7m-fannie-mae-loan-for-jacksonville-m-f-property\/","title":{"rendered":"Centerline Funds $6.7M Fannie Mae Loan for Jacksonville M-F Property"},"content":{"rendered":"<p style=\"text-align: justify\"><em>By Georgiana Mihaila, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/05\/pointe.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-129423 alignleft\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/05\/pointe.jpg\" alt=\"\" width=\"300\" height=\"225\" \/><\/a>The 136-unit Pinewood Pointe Apartments has recently been refinanced by a $6.75 million Fannie Mae fixed-rate, affordable loan provided by Centerline Capital Group.<\/p>\n<p style=\"text-align: justify\">The fixed-rate loan has a 12-year term, 9.5-year lockout, and a 30-year amortizing schedule. The borrower is SP Pinewood LP, a Florida limited partnership. The proceeds from the loan will be used to refinance existing tax-exempt bonds, which were also financed by Centerline, which is a subsidiary of Centerline Holding Co.<\/p>\n<p style=\"text-align: justify\">The affordable multifamily property, originally built in 1991, consists of 24 two-story apartment buildings and a clubhouse, with 48 units being garden style and the other 88 townhouse style apartments. Amenities include a clubhouse\/leasing office with business center, common laundry room, a community pool, two children\u2019s playgrounds, car wash area and picnic areas. Pinewood Pointe Apartments was acquired and renovated in 2007 with tax-exempt bonds issued by Florida Housing Finance Corp. and equity from the sale of 4 percent low income housing tax credits.<\/p>\n<p style=\"text-align: justify\">\u201cThe property is well-located in a desirable residential neighborhood with high=quality development surrounding the property and easy access to major employers, supportive commercial uses and recreational amenities,\u201d noted Jim Gillespie, managing director at Centerline. \u201cThe borrower is a repeat Centerline client that is a very experienced multifamily developer, owner and manager. At Centerline, we continuously look to identify affordable housing opportunities that are attractive to our investors and also make a significant impact on the communities where they exist.\u201d<\/p>\n<p style=\"text-align: justify\">Image via<a href=\"https:\/\/www.pinewoodpointe.com\" rel=\"nofollow noopener\" target=\"_blank\"> www.pinewoodpointe.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 136-unit Pinewood Pointe Apartments has recently been refinanced by a $6.75 million Fannie Mae fixed-rate, affordable loan provided by Centerline Capital Group&mdash;a subsidiary of Centerline Holding Company.<\/p>\n","protected":false},"author":33,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1591,21742],"tags":[39444,1815],"class_list":["post-1004074891","post","type-post","status-publish","format-standard","hentry","category-jacksonville","category-latest","tag-jacksonville","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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