Centerline Capital Group Facilitates the Acquisition of a Multifamily Property in Wilmington, Delaware
— Total funding equals $4.4 million—
New York, NY —April 28, 2013 — 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, announced today it has provided a $4.4 million facility to enable the acquisition of Trolley Square Apartments, a multifamily property located in Wilmington, Delaware. The transaction is a Fannie Mae DUS loan that will finance the acquisition of the property at a purchase price of $5.8 million.
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.”
“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.
About Centerline Capital Group
Centerline Capital Group, a privately held real estate finance and asset management company, provides financing, investing and asset management services for affordable and conventional multifamily housing throughout the United States. Centerline is organized around three business units: Mortgage Banking, Affordable Housing Debt and Affordable Multifamily Housing. 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. Centerline’s 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 firm’s lending platform manages and services more than $12.2 billion in loans, of which affordable housing makes up $3.1 billion. A leading sponsor of Low-Income Housing Tax Credit (LIHTC) funds, Centerline’s third business focuses on identifying and investing in affordable housing properties and managing those assets as a fiduciary for the fund investors throughout the asset’s and fund’s lives. Since inception, the firm has raised more than $10 billion in equity across 137 funds, and invested in over 1,600 assets spanning 47 states. Founded in 1972, Centerline is headquartered in New York City, with 221 employees in fourteen locations throughout the United States. To learn more about Centerline, visit www.centerline.com.