Centerline Capital Group Named Freddie Mac Licensed Affordable Housing Lender
— Designation Extends Multifamily Product Offering—
New York, NY —November 9, 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 that is has been formally designated as a licensed Freddie Mac Multifamily Targeted Affordable Housing (TAH) Seller/Servicer.
This license gives Centerline approval to originate affordable multifamily loans nationally on behalf of Freddie Mac, and makes Centerline one of a select number of lenders approved to sell and service targeted affordable housing loans nationwide.
“Receiving formal TAH designation demonstrates Freddie Mac’s continued confidence in Centerline, the prospect for our future growth, and the strength of our stellar affordable debt team,” commented Philip Melton, Senior Managing Director, in the Affordable Housing Debt division at Centerline. “This notable recognition further enhances our affordable housing lending business, enabling us to offer our developer clients an expanded array of financing products through our affiliations with Fannie Mae, Freddie Mac, and FHA."
Earlier in its history, Centerline was one of the leading Freddie Mac affordable housing lenders in the nation.
“Centerline has a long and proud history of working with Freddie Mac, dating back to 2007 when we were the first lender in the country to be fully designated by Freddie Mac in their lender risk sharing program,” added Melton. “The Freddie Mac TAH designation represents a major milestone for Centerline's affordable debt platform.”
Kim Griffith, vice president of Multifamily Affordable Sales and Investments at Freddie Mac added, “Freddie Mac is pleased to be working again with Centerline as a Targeted Affordable Lender. We look forward to a successful relationship in this important area of focus for both firms.”
Freddie Mac targeted affordable housing loans are divided into four categories:
- Preservation Transactions
- Bond Credit Enhancements
- Forward Commitments
- Cash Mortgages
Freddie Mac approves lenders under each individual loan category; Centerline was selected for all four categories.
Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider and source for other forms of traditional and 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.