Centerline Capital Group Arranges Loans for Three Multifamily Properties in Oregon
— Total funding equals $16.3 million —
New York, NY — July 21, 2014 — Centerline Capital Group, a provider of real estate mortgage services for affordable and conventional multifamily housing, announced today it has arranged Fannie Mae DUS loans for three multifamily properties in Oregon. The properties are located in Eugene and Portland and the total Centerline investment equals $16.3 million.
“What’s unique about these loans is that we were able to leverage the flexibility of the Fannie Mae DUS loan program to truly add value for our clients,” noted Matthew Olrich, Vice President, at Centerline. “Through the program, we provided full term interest only loans on two deals, and addressed another’s clients financing objectives with a small supplemental loan to free up trapped equity.”
The properties include:
- Broadway Center Apartments. Centerline provided a $4.3 million Freddie Mac CME loan to refinance an existing Freddie Mac loan in the Centerline portfolio for Broadway Center Apartments. Located in Eugene, Oregon, Broadway Center is a 107-unit garden apartment complex that was built in 1978. The property is comprised of four, three-story buildings and one maintenance building. The finance facility is a ten-year fixed rate loan with full-term interest only. Common area amenities include an on-site laundry room and leasing office. Parking is provided via 107 parking spaces which consists of 64 open spaces and 43 carports.
- Pacific Crest Apartments. Located in Portland, Oregon, Pacific Crest Apartments is a 156-unit garden apartment complex built in 1969 and 1974. Centerline provided a Fannie Mae 2nd mortgage in the amount of $980,000. The loan is cash out supplemental facility; proceeds will be used to upgrade the property. Pacific Crest Apartments is comprised of 14, two-story buildings. Property amenities include a leasing office, fitness center, and laundry room. The property offers 214 parking spaces, including 168 open spaces, 26 carports and 20 garages.
- Twin Creeks Apartments. Twin Creeks Apartments is a 220-unit garden apartment complex that was built in 1996, 1998 and 2000. Located in Portland, Oregon, Centerline provided an $11 million Freddie Mac loan to refinance the property. A low leverage transaction, the facility is a ten-year fixed rate loan with full-term interest only. The facility is comprised of 15, three-story residential buildings, and a leasing office/clubhouse. Common area amenities include two outdoor pools, a child pool, two spas, and a clubhouse that includes a fitness room, a laundry room, leasing office, playground, and a basketball court.
“The borrowing entities and principals have all been active in investing in multifamily properties in the local area,” added Olrich. “The properties are all in good condition and well managed. The strength of the sponsors and underlying real estate fundamentals made this a good deal for Centerline. We were pleased that the loan structures came together so well.”
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, bridge and CMBS lender, and source for other forms of alternative capital.
About Centerline Capital Group
Centerline Capital Group, a real estate finance company, provides financing and investing for conventional and affordable multifamily housing throughout the United States. Centerline is organized around two business units: Mortgage Banking and Affordable Housing Debt. Under the Mortgage Banking and Affordable Housing Debt businesses, Centerline partners with developers, owners, and investors to provide them with capital to develop, acquire or redevelop their real estate assets. Centerlineʼs core debt products consist of Fannie Mae, Freddie Mac, or HUD/FHA financing. In addition, through several strategic alliances, Centerline offers various CMBS executions for multifamily and other commercial properties, bridge loans and select joint venture equity products. Today the firmʼs lending platform manages and services more than $10.4 billion in loans, of which affordable housing makes up $916 million. Founded in 1972, Centerline is headquartered in New York City, with 161 employees in 14 locations throughout the United States. To learn more about Centerline, visit www.centerline.com.