Centerline Capital Group Refinances a Multifamily Property in Chicago
— Total funding equals $6.7 million —
New York, NY — September 16, 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 $6.7 million bridge loan to refinance and provide funds to expand a multifamily facility located in Chicago, Illinois.
The property is a 24-unit, five-story mid-rise apartment property located at 914 West Hubbard Street in Chicago. Built in 2006, the property is currently 95.8% occupied and contains 25 garage parking spaces. Proceeds from the floating rate loan will be used to retire existing debt and complete the build out of several new units.
The borrower is a local Chicago based developer. “The property is situated in an excellent location just outside of the Chicago Loop and within walking distance of the downtown entertainment and restaurant district,” commented Joseph Markech, Vice President, Mortgage Banking Division at Centerline Capital Group. “The borrower needed to close quickly in order to pay-off an existing loan and avoid a significant penalty to extend. We were pleased that we could provide the borrower with a great deal, close in a timely fashion, and save them from a costly extension at the same time.”
The deal was brokered by Anthony Longo, Managing Partner at Alpha Alternatives, LLC.
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 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 $12.4 billion in loans, of which affordable housing makes up $3.3 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 228 employees in fourteen locations throughout the United States. To learn more about Centerline, visit www.centerline.com.