The transaction is a Fannie Mae DUS loan that will finance the acquisition of the property at a purchase price of $5.8 million.

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The borrower is Trolley Square Investors, LLC, a Delaware Limited Liability Company. The property, located at 508-1510 Delaware Avenue and 1420 N. Clayton Street, is a 64-unit brick walk-up property that comprises three apartment buildings that were developed in 1927, 1938 and 1950.

The unit mix consists of 78 one-bedroom, one-bathroom apartments and 54 two-bedroom, one-bathroom units. Site amenities include a laundry facility in the lower level of each building.

"The borrower was unable to secure a short-term commercial lease which necessitated the need to re-structure the loan with a 15-year term to improve the overall proceeds of the loan," noted Bryan Cullen, Director, at Centerline Capital Group. "Centerline was able to get a waiver that offered a year of interest only and a final interest rate that was locked in at 4.63%. We were very pleased to come through for this borrower with a loan facility that best served their current needs."

James Conley with Marcus and Millichap Capital Corporation brokered the transaction. Commenting on the deal, he said "We knew we could count on Centerline for a quick, transparent transaction with flawless execution. We look forward to partnering with Bryan and his team again in the near future."

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"Trolley Square Apartments is located in the City of Wilmington, in the northeastern portion of New Castle County, which is a moderately sized city that is currently experiencing revitalization," continued Cullen. "The property is also currently 100% occupied. These factors made this an attractive deal for Centerline."

The Mortgage Banking Group at Centerline provides mortgage financing for conventional multifamily properties throughout the United States. Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider and source for other forms of alternative capital.