VILLA HILLS, KY—Centerline Capital Group has provided a $7.2 million Fannie Mae loan for the purchase of the Lofts of Prospect Point here.
Rookwood Properties was the buyer of the 159-unit community. The loan was brokered through BlueMark Capital in Cincinnati.
Located at 914 High Knoll Court, the buildings were developed between 1976 and 1977. The unit mix consists of 48 one-bedroom, one-bathroom apartments, 27 two-bedroom, one-bathroom units, 80 two-bedroom, one-and-one-half bathroom apartments, and four two-bedroom, two-bathroom units. Site amenities include a swimming pool, clubhouse, tennis court, basketball court, storage units, playground, garages and a laundry facility in the lower level of each building.
“The borrower is highly experienced in the industry and local market with more than 40 years of developing, owning, operating and managing commercial real estate,” said Joseph Markech, vice president at Centerline. “The Lofts of Prospect Point has been very well cared for and was renovated in 2002.”