Centerline Capital Group Provides Financing for the Acquisition of an Apartment Complex in Houston
— Total funding equals $43.1 million —
New York, NY —February 6, 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 (OTC: CLNH), announced today it has provided a $43.1 million Freddie Mac loan to facilitate the acquisition of an apartment complex in Houston, Texas.
Villas at Bunker Hill is a 398-unit garden-style apartment complex that is made up of 10, four-story apartment buildings. Built in 2006, the facility is a Class A property that is in excellent physical condition with superior amenities. Although the property does not require immediate repairs, the borrower plans to make improvements to the clubhouse, fitness center and garage.
The property is well located in an affluent and growing market with easy access to downtown Houston. The property also benefits from excellent access to employment centers, shopping, major thoroughfares and other demand generators.
“This is the fifth transaction Centerline has closed with this borrower, a real estate investor with solid real estate experience,” noted James Kelly, Vice President, Mortgage Banking at Centerline. “Villas at Bunker Hill is located in a market with solid real estate fundamentals and strong occupancy rates. These demographic factors, along with the strong sponsorship, made this an attractive deal for Centerline.”
Property amenities include a 615 space parking garage, three elevators, clubhouse with Wi-Fi, pool with fountains, lap pool with pool bench and Wi-Fi, barbeque area, multiple sun decks, courtyard areas with gardens and fountains, fitness room, activity room and internet café.
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 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 1,600 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.