Centerline Capital Group Refinances a Multifamily Property in Blue Island, Illinois
— Total funding equals $1.305 million —
New York, NY — October 15, 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 Fannie Mae small balance loan in the amount of $1.305 million for the refinance of Longwood Place, a multifamily facility located in Blue Island, Illinois.
Longwood Place consists of three, two-story buildings containing a total of 39 units. The borrower is an Illinois Land Trust, a local investor and repeat Centerline customer. The proceeds of the loan will be used to refinance the existing bank loan and to provide capital for improvements to the asset.
Longwood Place is located in the City of Blue Island, Illinois which is part of the Chicago MSA and is approximately 15 miles southwest of the Chicago central business district. “Chicago and its surrounding sub-markets have a large and well-diversified economic structure that has allowed it to remain among the strongest economic centers in the nation,” noted Joseph Markech, Vice President in the Mortgage Banking Division at Centerline Capital Group. “The business climate in the area is stable and positive. The borrower has successfully owned and managed the property since 1978 and the facility is currently 100% occupied and has averaged 91.45% over the last 12 months. These factors made this a solid deal for Centerline.”
The unit mix includes one bedroom and two bedroom units. The buildings are wood-frame construction and slab on grade foundations. The unit interiors have wall to wall carpeting in the living areas and bedrooms and vinyl flooring in the kitchen and bathroom areas. The unit kitchens have standard appliance packages with solid wood cabinetry.
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.