Centerline Capital Group Refinances a Multifamily Complex in New York City
— Total funding equals $7 million —
New York, NY — June 3, 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 million Fannie Mae DUS loan to refinance 928-934 Myrtle Avenue Apartments, a multifamily property located in Brooklyn, New York.
Myrtle Avenue Apartments is a class B multifamily portfolio that consists of four, five-story walk-up residential buildings. Originally developed in 1906, and renovated in 2003, the facility is comprised of 104 units, including four one-bedroom, one-bathroom units, 96 two-bedroom one-bathroom apartments, and four three-bedroom one-bathroom units.
The borrower is 928 Myrtle Avenue, LLC, a New York limited liability company. Proceeds from the loan will be used to replace two existing loans and the transaction is structured with a 10-year term and 30-year amortization schedule.
“The borrower is a seasoned local real estate executive with more 30 years of experience investing in commercial real estate,” said Steven Cox, Director, and head of Centerline’s New York mortgage banking production team. “Upon securing the property, the owner invested in significant capital improvements and the facility is currently in excellent condition.”
“The property is located in the Bedford Stuyvesant neighborhood of Brooklyn. This area, known as District 3, is an appealing location to homeowners and renters seeking affordable housing and moderate pricing,” continued Cox. “The local area is expected to continue to prosper and the property is currently more than 90% occupied. These factors, combined with the solid deal sponsorship, made this a good deal for Centerline.”
The loan was brokered by Anita Pins in the New York office of Marcus and Millichap Capital Corp.
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 privately held 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.