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Centerline Capital Group Refinances a Cooperative Multifamily Property in Brooklyn, New York

09/25/2012

Centerline Capital Group Refinances a Cooperative Multifamily Property in Brooklyn, New York

— Total funding equals $5million —

New York, NY — September 25, 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 $5 million Fannie Mae DUS mortgage to refinance The Griffin Cooperative, a multifamily property located in Brooklyn, New York. 

The loan proceeds will be used to pay off an existing first mortgage and to fund an ongoing capital improvement program to refurbish the exterior brick masonry and replace the roofs. In additionto providing the first mortgage financing, Centerline assisted the Borrower within lining up an unsecured line of credit.

The Griffin Cooperative is a 16-story pre-war high-rise apartment building that was constructed in 1931 and converted to cooperative space in 1985. The property includes 202 cooperative apartment units with shares, and one superintendent's unit, and one rental apartment without shares.   The property is 89% sold (182 units). 

“The property is located in the Fort Greene neighborhood of Brooklyn, a very strong residential market with excellent access to public transportation and employment centers,” noted Steven Cox, Director, and head of Centerline’s New York mortgage banking production team.  “The local area is expected to continue to prosper and the property has operated successfully as a cooperative for 27 years.  These factors, combined with the solid deal sponsorship, made the Griffin Cooperative a perfect deal for the Fannie Mae early rate lock program.   Centerline was able to provide a quick turnaround allowing the Cooperative to execute and close promptly.”

Property amenities include a penthouse and basement, a tenant laundry room and trash compactor, central mailbox station and entry area intercom system.

Anita Pins with the New York office of Marcus and Millichap Capital Corporation was the broker who placed the loan. The deal team at Centerline included Steven Cox & Ian Monk.

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 capital.

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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

09/25/2012 - 19:42

Source

Hunt Mortgage Group

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