Centerline Capital Group Refinances a Cooperative Multifamily Property in New York
— Total funding equals $7.8 million —
New York, NY — October 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, announced today it has provided a $7.8 million Freddie Mac mortgage to refinance Penny Lane Apartments, a cooperative multifamily property located in New York.
Penny Lane Apartments is comprised of 179 units and was converted into a cooperative in 1987. Located at 215 East 24th Street in New York, the property consists of a single rectangular-shaped parcel of land, and includes a subterranean parking garage that has 99 spaces.
“Penny Lane Apartments is located in the section of Manhattan known as Kips Bay. This is considered to be the area between East 23rd Street and East 34th Street extending from Lexington Avenue to the East River,” explained Steven Cox, Director, and head of Centerline’s New York mortgage banking production team. “The surrounding area is residential in character and is built-up predominantly with low-rise, pre-war tenements and townhouses along with numerous mid and hi-rise buildings.”
“The property has a 26-year successful track record operating as a cooperative, and recent capital improvements include renovations to the rear courtyard, including: new decking, waterproofing, pavers and wood fencing,” added Cox. “We were pleased to underwrite the refinance of this property as it was a quality deal for Centerline.”
The property is professionally managed by a subsidiary of Gumley Haft Real Estate Management, a full service real estate organization which offers residential and commercial property management, sales and leasing, and consulting and investment advisory services.
The Centerline team that closed the transaction included Cox and Michael Powell who served as originator.
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, bridge and CMBS lender, and source for other forms of alternative capital.
About Centerline Capital Group
Centerline Capital Group, a real estate finance and asset management company, provides financing, investing and asset management services for affordable and conventional multifamily housing throughout the United States. Centerline is organized around three business units: Mortgage Banking, Affordable Housing Debt and Affordable Housing Investments. Under the Mortgage Banking and Affordable Housing Debt businesses, Centerline partners with developers, owners, and investors to provide them with capital to develop, acquire or redevelop their real estate assets. Centerline’s core debt products consist of Fannie Mae, Freddie Mac, or HUD/FHA financing. In addition, through several strategic alliances, Centerline offers various CMBS executions for multifamily and other commercial properties, bridge loans and select joint venture equity products. Today the firm’s lending platform manages and services more than $12.2 billion in loans, of which affordable housing makes up $3.1 billion. A leading sponsor of Low-Income Housing Tax Credit (LIHTC) funds, Centerline’s third business focuses on identifying and investing in affordable housing properties and managing those assets as a fiduciary for the fund investors throughout the asset’s and fund’s lives. Since inception, the firm has raised more than $10 billion in equity across 137 funds, and invested in over 1,600 assets spanning 47 states. Founded in 1972, Centerline is headquartered in New York City, with 221 employees in fourteen locations throughout the United States. To learn more about Centerline, visit www.centerline.com.