CENTERLINE CAPITAL PROVIDES $6M REFINANCING LOAN

FORT LEE, N.J. — Centerline Capital Group has provided a $6 million Fannie Mae DUS mortgage loan to refinance 2339 Hudson Terrace, a cooperative multifamily property located in Fort Lee, about 22 miles north of Union City. The loan proceeds will be used to pay off an existing Fannie Mae first mortgage loan and to fund an ongoing capital improvement program, which includes roof replacements and additions to common area amenities. The 10-year loan includes a 30-year amortization schedule. The borrower is 2339 Hudson Terrace Corp. Built in 1951, the multifamily property includes 223 apartment units housed in three, six-story buildings. Foremost Management Corp. manages the property. Fannie Mae’s multifamily mortgage business provides financing options for properties in which the residents collectively own the building(s) and property through their shares in the cooperative corporation.