Centerline Capital Group Promotes Robert L. Levy to Chief Executive Officer
— Board approves new role—
New York, NY — March 15, 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 that Robert L. Levy was promoted to Chief Executive Officer effective immediately. He will also remain President.
Mr. Levy was previously the President and Chief Operating Officer of Centerline and a member of the Board of Trustees of Centerline’s parent company, Centerline Holding Company. Mr. Levy assumed the roles of President, and Chief Operating Officer in 2010 while retaining his previous position of Chief Financial Officer. In 2012 he turned over the Chief Financial Officer role to Michael Larsen. The Chief Operating Officer position will be vacant. Mr. Levy will retain his position on the Board of Trustees of Centerline Holding Company.
“Rob is an experienced and dedicated executive who has successfully managed and led this Company through very challenging and turbulent economic times,” noted Robert. L Loverd, Chairman of Centerline’s Boardof Trustees. “He was responsible for stabilizing the business and its platforms during times of significant distress and dislocation and now has effectively led the Company through a period of growth and increasing profitability. We are pleased to announce his promotion to Chief Executive Officer and look forward to his continued leadership.”
Mr. Levy joined Centerline in 2001 as the Director of Capital Markets. From 1998 to 2001, he was a Vice President in the Real Estate Equity Research and Investment Banking departments at Robertson Stephens, an investment banking firm. Prior to 1998, Mr. Levy worked at Prudential Securities in the real estate equity research group and at the Prudential Realty Group, the real estate investment arm of the Prudential Insurance Company.
He earned a Master of Business Administration from the Leonard N. Stern School of Business at New York University and a Bachelor of Arts from Northwestern University.
About Centerline Capital Group
Centerline Capital Group, a subsidiary of Centerline Holding Company, 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 $12.2 billion in loans. Founded in 1972, Centerline is headquartered in New York City, with 220 employees in 14 locations throughout the United States. A strategic partner of Island Capital, Centerline is organized around three business units: Mortgage Banking, Affordable Housing Debt, and Affordable Multifamily Housing. To learn more about Centerline, visit www.centerline.com.
Certain statements in this document may constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Other risks and uncertainties are detailed in Centerline Holding Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, and include, among others, business limitations caused by adverse changes in real estate and credit markets and general economic and business conditions; our ability to generate new income sources, raise capital for investment funds and maintain business relationships with providers and users of capital; changes in applicable laws and regulations; our tax treatment, the tax treatment of our subsidiaries and the tax treatment of our investments; competition with other companies; risk of loss under mortgage banking loss sharing agreements; and risks associated with providing credit intermediation. Words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements speak only as of the date of this document. Centerline Holding Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Centerline Holding Company's expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.