Centerline Capital Group Finances the Acquisition of a Multifamily Property in Wilmington, Delaware
— Total funding equals $6.89 Million—
New York, NY — August 29, 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 $6.89 million conventional multifamily loan to facilitate the acquisition of Haverford Place Apartments in Wilmington, Delaware.
Haverford Place Apartments is a 132-unit garden apartment community that was built in 1963. The property comprises six three-story brick apartment buildings, and the unit mix includes 78 one-bedroom, one-bathroom and 54 two-bedroom, two-bathroom units. Centerline included 3% of the purchase price as soft costs and $177,000 of repairs, which justified 80% of eligible acquisition costs.
The borrower is Haverford, LLC, owned by Scott and Melissa Riegel, a small, local hands-on owner/manager with more than 20 years of experience in the multifamily industry. The loan term is 10 years with a rate of 3.9% and two-years interest-only. The property has a solid 93% occupancy rate.
Haverford Place Apartments is located in Wilmington, New Castle County, Delaware. “The property is well located with convenient access throughout New Castle County and to the city of Wilmington, which is experiencing revitalization and offers a variety of local employment opportunities,” noted Bryan Cullen, Managing Director, at Centerline Capital Group. “The Riegel’s are a repeat Centerline customer and we were happy that we were able to process the loan for them in a short 45 days.”
“Centerline consistently delivers what they promise, which is remarkable in this difficult lending environment. Fast and efficient also comes to mind,” commented Melissa Riegel, Riegel Properties, LLC. “It is a pleasure to have a relationship with an organization that understands and works so well with the buyer.”
The buildings are wood framed and concrete on slab-on-grade and roofs are pitched, covered with asphalt shingles. Exterior facades are constructed of brick veneer, vinyl siding, composition siding and wood trim.
Interior finishes include painted drywall, stained kitchen cabinets with Formica counter tops, stainless steel sinks in kitchen and cultured marble and porcelain-on-steel in bathrooms. Wall-to-wall carpeting covers the primary living areas and sheet vinyl flooring is installed in kitchens and bathrooms.
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 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.