Centerline Capital Group Refinances a Multifamily Facility Located in Wetumpka, Alabama
— Total funding equals $2.4 Million—
New York, NY —July 30, 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 $2.4 million loan to refinance a multifamily property located in Wetumpka, Alabama through the Fannie Mae Small Loan Program. Proceeds from the loan – a cash out refinance – will be used to pay off the existing bank loan and to secure a long-term ten-year fixed rate. The loan carries a 30-year amortization schedule.
Pemrose Place Apartments is a 42-unit multifamily property that was built in 2010. The facility is comprised of 21, one-story buildings containing thirty six two-bedroom, one-bathroom units and six three-bedroom, two-bathroom apartments. Property amenities include a playground and washer and dryer hookups in each unit.
The property has maintained a 96% occupancy rate for the last 12 months and has been at 92%+ occupancy since the initial lease up in 2010.
“Pemrose Place Apartments is located in Wetumpka, Alabama, which is part of the Montgomery, Alabama metropolitan area and currently one of the fastest growing counties in the state of Alabama,” commented Owen Breheny, Senior Vice President in the Mortgage Banking Division at Centerline Capital Group.
The borrower is Pemberton Properties, LLC, a local real estate owner-investor that developed Pemrose Place Apartments, along with two other multifamily projects totaling 116 units, in the past three years. In addition, Pemberton Properties retains management of the three local properties.
“The property is in good condition and located in a primarily residential neighborhood with good visibility,” added Breheny. “These factors – combined with the solid real estate fundamentals and strong sponsorship made this a good deal for Centerline. We were pleased to hat we were able to execute within the borrowers expectations with a low rate on a non-recourse fixed rate product through the Fannie Mae Small Loan Program.”
The loan was arranged by Paul Harbor of Grandbridge Real Estate Capital’s Birmingham AL office. Centerline’s deal team included Breheny, Darrell Clark and Freda Manuel.
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.