Centerline Capital Group Refinances a Multifamily Property in Broward, Florida
— Total funding equals $5.2 million —
New York, NY — October 30, 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 loan totaling $5.2 million to refinance the Oakwood Apartments.
Located in Oakland Park (Broward County), Florida, Oakwood Apartments is a garden style multifamily complex with a total of 124 units housed in four two-story buildings. The loan terms include a 10-year fixed rate, with a 30-year amortization period.
The borrower is 61-34 Madison Real Estate LLC, a Delaware limited liability company, who acquired the property in 2004. The property was built between 1971 and 1974 and is in good overall condition. Oakwood Apartments also enjoys a long track record of high occupancy, averaging 99.87% over the past 24 months.
“The owner of Oakwood Apartments is proactive in terms of property management and capital improvements, resulting in a well maintained facility with a very good occupancy rate,” noted Steven Cox, Director, Commercial Real Estate at Centerline. “We were pleased this loan came together so well and that were able to quickly deliver on the Fannie Mae facility the sponsor was looking to secure.”
Property amenities include a leasing office, 175 open parking spaces, laundry facilities and swimming pool. The facility is located in the South Florida metropolitan area, also known as the Miami metropolitan area, which is the most populous metropolis in the Southeastern United States.
The deal was brokered by Noam Kaminetzky of the Boca Raton Meridian Capital Group office. Steven Cox and Ian Monk at Centerline were instrumental in the arranging the financing.
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.
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.