Centerline Capital Group Finances a Portfolio of Multifamily Properties in Northern California
— Total funding equals $120 million —
New York, NY — July 9, 2014 — Centerline Capital Group, a provider of real estate mortgage services for affordable and conventional multifamily housing, announced today that it has provided $120,000,000 in Fannie Mae financing for a portfolio of multifamily properties located in Northern California.
The loans have ten year terms and are interest-only for the duration of the loan.
“The Borrower is a financially strong, seasoned multifamily investor with a long term relationship with Fannie Mae,” noted Adam Leiden, Vice President at Centerline. “The properties are in good condition and are located in the Bay area which is enjoying strong occupancy and rent growth.”
“We were pleased to deliver rapidly on the loans which were provided in 49 days from application to closing,” added Richard Olrich, Managing Director at Centerline. The Centerline deal team included: Adam Leiden, Richard Olrich, Blanca Terrazes, Vanessa Howes and Stephanie Kwok, who were all instrumental in closing the transactions.
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 company, provides financing and investing for conventional and affordable multifamily housing throughout the United States. Centerline is organized around two business units: Mortgage Banking and Affordable Housing Debt. 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. Centerlineʼs 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 firmʼs lending platform manages and services more than $10.4 billion in loans, of which affordable housing makes up $916 million. Founded in 1972, Centerline is headquartered in New York City, with 161 employees in 14 locations throughout the United States. To learn more about Centerline, visit www.centerline.com.