Centerline Capital Group Facilitates the Acquisition of a Multifamily Property in Bedford, Texas
— Total funding equals $5.7 million —
New York, NY — September 12, 2012 — Centerline Capital Group (“Centerline”), a provider of real estate financial and asset management services for affordable and conventional multifamily housing, and a subsidiary of Centerline Holding Company (OTC: CLNH), announced today it has provided a $5.7 million Fannie Mae loan to facilitate the acquisition of a multifamily property located in Bedford, Texas.
The Surrey Oaks Apartments is situated on 6.363 acres of land and comprises a total of 152 units housed in 13, two-story residential buildings and a single story leasing office building. Built in 1983, the property consists of six floor plans, including three one-bedroom options and three two-bedroom floor plans. Parking is provided on-site with a total of 258 surface concrete spaces.
The borrower is Surrey Oaks 2012 LP, a Texas limited partnership, and the loan terms include a 10- year fixed term, 30-year amortization and 80% loan-to-value.
“The borrower is a repeat Centerline customer that currently owns 20 multifamily assets, 11 of which are serviced by Centerline’s servicing affiliate, C-III Servicing,” said Steven Cox, Director, and head of Centerline’s New York mortgage banking production team. “An exterior renovation was recently completed and the overall property condition is very good and well maintained by an experienced, on-site management staff. These factors, combined with the strength of the property location, made this a solid deal for Centerline.”
The property is located in Bedford, Texas, a suburban Dallas/Fort Worth submarket that boasts a very low 4.9% average vacancy rate. Property amenities include an outdoor swimming pool, hot tub, tennis court and BBQ grill area.
The deal team at Centerline included Steven Cox and Ian Monk.
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 debt and equity capital.
About Centerline Capital Group
Centerline Capital Group, a subsidiary of Centerline Holding Company (OTC: CLNH), provides real estate financing and asset management services focused on affordable and conventional multifamily housing. We offer a range of both debt financing and equity investment products, as well as asset management services to developers, owners, and investors. An industry leader, Centerline is structured to originate, underwrite, service, manage, refinance or sell through all phases of an asset’s life cycle. A leading sponsor of Low-Income Housing Tax Credit (LIHTC) funds, Centerline has raised more than $10 billion in equity across 137 funds, and invested in over 1,600 assets spanning 47 states. The firm’s multifamily lending platform services more than $11.5 billion in loans. Founded in 1972, Centerline is headquartered in New York City, with 246 employees in ten offices throughout the United States. A strategic partner of Island Capital, Centerline is organized around four business units: Affordable Housing Equity, Affordable Housing Debt, Mortgage Banking and Asset Management. To learn more about Centerline, visit www.centerline.com.