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...

Grand Rapids, Mich.—One of Michigan’s largest apartment communities has changed hands for $100.4 million. Atlanta-based full- service multifamily investor Cocke Finkelstein made its first acquisition in Grand Rapids with the purchase of Ramblewood Apartments. At 1,710-units, the new owners will certainly be busy with upgrades, as Cocke Finkelstein plans to make significant capital investments into the property. CFLane, the management subsidiary of Cocke Finkelstein , will handle daily operations at the community, which was 98 percent occupied at the time of sale. Why Grand Rapids? Well the city sees significant job growth , low unemployment, and average apartment occupancy of 98 percent and limited new construction, according to the new owner. Ramblewood was built in phases from 1972 and 1985. There are two campuses that stretch across 188 acres. Amenities include an indoor pool, business center, 55,000-square-foot tennis and health club facility , a 24- hour fitness center , ba...