Apartment Look

NEW YORK, NY -  Centerline Capital Group (“Centerline”), a provider of real estate financial and asset management services for affordable and conventional multifamily housing , and a subsidiary of Centerline Holding Company (OTC: CLNH), announced today it has provided a $15. 5 MM Fannie Mae first mortgage to refinance Forest Ridge Apartments in Nashua, New Hampshire. Forest Ridge Apartments , located at 1B Hampshire Drive in Nashua, is a garden style multifamily facility built in tin two phases in 1969 and 1972.  The facility comprises 21 , two- and three-story buildings.  The property consists of a total of 370 units, and the unit mix includes 88 one bedroom-one bath units, 242 two bedroom-one bath units, 24 two bedroom-one bath townhouse units , and 16 three bedroom-two bath townhouse units . The loan is a 10- year fixed rate facility with a 30- year amortization period . The loan will be used to refinance the existing balance on the property.  Centerli...

Another North Charleston apartment complex has changed hands, reflecting the steady demand from investors for multifamily properties in the region. The 353- unit Peppertree Apartments was sold this month for $16.75 million, or a $47,450 a key, according to Charleston County land records . Rents for the one- and two-bedroom dwellings off of Dorchester Road start at $665, according to ApartmentGuide.com. The buyer is an affiliate of Peak Capital Partners of Provo, Utah. It is the firm’s first investment in South Carolina, according to its website. Peak said it and its affiliate “own and manage conventional, affordable, and student apartment properties in growth markets in the United States.” The seller was a California company that had owned Peppertree since 1999. The garden- style rental property is on Forest Hills Drive . It in was built in phases between 1983 and 1989, according to the real estate firm Cushman & Wakefield, which helped broker the transaction and secure some ...