Centerline Capital Group Provides FHA Financing to Refinance a Multifamily Property in Cambridge, Maryland
— Total funding equals $2.46 million —
New York, NY — August 21, 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 $2.46 million FHA 223 (a) (7) loan for the refinance of a 144-unit multifamily facility in Cambridge, Maryland. The Borrower is Greenwood Avenue Development, LP.
Located at 515 – 630 Greenwood Avenue, the Bay Country Apartments comprises seven buildings, including six, three-story apartment buildings and a one-story community center and leasing office. The proceeds of the loans will be used to refinance the existing FHA 221(d)(4) loan to extend the loan term, increase loan proceeds for repair needs, and significantly reduce the current interest rate on the loan.
All of the units are subject to a project based Section 8, HAP contract. In addition, the subject has LIHTC restrictions at 30%, 40% and 50% maximum average median income levels.
“We received approval very quickly from the Baltimore HUD office which enabled us to provide the borrower with the necessary funds to cover the transaction and property repair costs, all at a much lower interest rate,” noted Cynthia Hannon, Senior Vice President, Affordable Housing Debt Group at Centerline Capital Group. “We were pleased to deliver the loan in a timely manner, through deal sponsor Osprey Properties, a firm with which Centerline has an established equity relationship.”
Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider and source for other forms of debt and equity.
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 1,300 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.