Centerline Capital Group Facilitates the Acquisition of Three Multifamily Properties For the Same Sponsor
— Total funding equals $21 million —
New York, NY — March 13, 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 (OTC: CLNH), announced today it has provided three conventional Fannie Mae DUS loans that total $21 million to enable the acquisition of three multifamily properties – two in Texas and one in Virginia.
The properties include:
- Hilltop Apartments. Centerline provided a $6.02 million loan for the acquisition of Hilltop Apartments, a garden-style multifamily facility located in North Richland Hills, Texas. The property, situated at 6424 Iron Horse Boulevard, includes 238 apartments housed in 24, two-story apartment buildings.
- Audubon Park Apartments. Located at5800 Northwest Drive in Mesquite, Texas,Audubon Park Apartments is a garden-style multifamily facility that comprises 260 apartments housed in 34, two-story apartment buildings. Centerline provided a $5.570 million loan for the acquisition of Audubon.
- Rollingwood Apartments. Centerline provided a $9.020 million loan for the acquisition of Rollingwood Apartments, a garden-style multifamily facility located in North Chesterfield, Virginia at 6300 Pewter Avenue. The complex includes 278 apartments housed in 27, two- and three-story apartment buildings.
“We were pleased that these three loans came together so well and were able to deliver on each of these financings simultaneously, and as part of the same portfolio,” commented John Beam, Managing Director in the Mortgage Banking Group at Centerline Capital Group. “The loans were provided to the same borrower, a repeat Centerline customer that is a well-known, seasoned real estate investor with a solid track record for success. We are already analyzing new business with this important client.”
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.
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 241 employees in 14 locations 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.