Centerline Capital Group Provides the Funds to Refinance a Multifamily Property in Torrance, California
— Total funding equals $5 million—
New York, NY — February 26, 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 $5 million Fannie Mae DUS Choice Loan to refinance Duo Quorum Apartments, a multifamily property located in Torrance, California.
Duo Quorum Apartments, located at 18311 Bailey Drive, is an 86-unit apartment complex that is made up of 4 two-story apartment buildings, 2 single-story apartment buildings, a single-story clubhouse building and a single-story fitness and laundry building. The unit mix includes two single units, 12 one-bedroom apartments and 72 two-bedroom units.
Now a director at Centerline, Bryan Cullen originally financed Duo Quorum Apartments 10 years ago while with a different DUS lender. “I worked hard to effectively nurture and maintain this relationship over the past decade and was thrilled to win this deal over the existing DUS lender for the refinance.”
Loan terms include a 10-year term, with 30-year amortization period. The borrower is a California Limited Liability Company that was the original developer of the property in 1969.
“Duo Quorum Apartments is well located in a neighborhood that is very desirable for those who either work in downtown Los Angeles or those who want to live close to the ocean,” continued Cullen. “The property also boasts a great occupancy rate of 99% and has been very well managed since it was constructed, making this a solid deal for Centerline.”
Property amenities include a swimming pool, a concrete-paved patio area, concrete-paved parking areas, two steel retractable gates, block walls, and landscaping.
“Centerline is a fast and efficient finance partner that consistently delivers on what they promise,” commented Hap Frank, CFO at H&L Properties. “It is a pleasure to have a relationship with an organization that has such a strong understanding of current needs of today’s property owner and investor.”
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 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.