Centerline Capital Group Finances the Acquisition of a Multifamily Property in Houston, Texas
— Total funding equals $5.7 Million—
New York, NY —October 17, 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 $5.7 million FNMA loan to secure the acquisition of Oaks of Ashford Point Apartments, a multifamily facility located in Houston, Texas.
The borrower, LAB Oaks, L.P., is a Delaware Limited Partnership and newly-formed single asset entity. “The sponsors have over 45 years of combined experience in commercial real estate investment, including a substantial presence in the Houston submarket. They are also repeat Fannie Mae customers,” noted Steven Cox, Director, and head of Centerline’s New York mortgage banking production team.
Oaks of Ashford Point Apartments consists of 255 units in twenty-two, two-story and one, three-story garden-style residential buildings. The property also includes a single-story leasing office/clubhouse of similar design. The property was constructed in 1983 (199 units) and 1985 (56 units).
“Oaks of Ashford Point Apartments is located in a growing area of northwest Houston, and Houston is considered to be among the nation’s fastest-growing metropolitan areas. In addition, the property is 92.9% occupied,” added Cox. “These factors made this an attractive deal for Centerline.”
Property amenities include: two swimming pools, spa, clubhouse, business center, playground, BBQ grills, two laundry facilities and access gates. The buyer has proposed adding a fitness center. Unit amenities include: standard appliances, a pantry, ceiling fans, walk-in closets, washer/dryer connections and a patio/balcony with additional storage, and select units feature a fireplace.
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 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 Housing Investments. 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.