Centerline Capital Group Finances Acquisition of a Multifamily Property in Aurora, Colorado
— Total funding equals $8.47 million—
New York, NY — September 27, 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 an $8.47 million Fannie Mae market rate loan for the acquisition of Lexington Park Apartments, a multifamily property located in Aurora, Colorado.
Lexington Park Apartments houses a total of 201 units and includes eight, three-story residential buildings and a single-story leasing office building. The unit mix consists of 92 one-bedroom apartments and 109 two-bedroom units. The property also includes 348 surface asphalt parking spaces.
“The Denver market has continued to shows its strength and stability over the past year and BMC’s team has done an excellent job of finding strong assets with turnaround and growth potential,” said Suzanne Cope,SVP of Debt Originations at Centerline Capital Group. “The borrower is an active investor in the local market with a solid track record for closing very quickly on deals and completing extensive improvements to the asset in a matter of weeks. These factors gave us great confidence in this deal.”
The is the second transaction Centerline closed this year with BMC Investments, a multifamily real estate investment company focused on acquiring and repositioning apartment assets in the Denver metropolitan area. Earlier this year, Centerline provided a $3.92 million Fannie Mae loan to refinance Amherst Apartments, a multifamily property located in Denver. BMC’s managing partner is Matt Joblon. BMC is based in Denver and is active in searching for value-add deals in the Colorado area as well as other select markets around the country.
“We were very happy with Centerline’s process when closing the Amherst Apartments deal earlier this year, and knew we could count on a quick, transparent transaction when we brought them the Lexington Park Apartments deal,” commented Mr. Joblon. “Centerline closed the deal in under 35 days from start to finish which helped us secure the deal in the first place. It was great to be able to represent to the seller how quick we could close and have the lender execute on every level to deliver that. Between the complex Amherst transaction and the quick closing on Lexington Park, we are committed to growing our relationship with Centerline as we expand our overall investment footprint.”
“We were able to take the deal from start to finish in a swift 35 days and had all third parties on the property within a matter of days,” added Cope. “We were thrilled to see the transaction come together so successfully and look forward to working with BMC again in the near future.”
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 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.
About BMC Investments
BMC Investments (“BMC”) is a multifamily real estate investment company focused on acquiring and repositioning apartment assets for long-term ownership. BMC targets Class B and Class C workforce housing opportunities in secondary and tertiary suburban-infill locations in the Denver metro area, which have an aging competitive set, a lack of institutional presence, and a limited pipeline of future deliveries. BMC seeks to acquire value-add apartment properties comprising 75 units or greater that can benefit from physical and/or operational improvements. For more information visit http://www.bmcinv.com.