Centerline Capital Group, a real estate financial and asset management service provider and a subsidiary of Centerline Holding Company (OTC:CLNH), announced on Tuesday it had structured a $35.9 million Freddie Mac Capital Markets Execution loan facility to refinance a senior housing property located in Stanton, Calif.
Park Place Seniors Apartments is an age-restricted, Class B affordable complex built in 1996 using low-income housing tax credits. The 15-year tax credit compliance period expired, and the property’s sponsor was able to take out the current debt with conventional financing at very attractive terms. The 10-year, non-recourse loan was used to buy out the partnership, upgrade the asset, and return capital to the sponsor.