REBusinessOnline

CENTERLINE PROVIDES $6.7M LOAN FOR MULTIFAMILY PROPERTY

CHICAGO — Centerline Capital Group has provided a $6.7 million bridge loan to refinance and provide funds to expand a multifamily property in Chicago. The 24-unit, five-story apartment property is located at 914 W. Hubbard St. Built in 2006, the property is currently 95.8 percent occupied and includes 25 garage parking spaces. Proceeds from the floating-rate loan will be used to retire existing debt and complete the build-out of several new units. A Chicago-based developer was the borrower. Anthony Longo, managing partner at Alpha Alternatives LLC, brokered the deal.

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