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Centerline Capital Group Refinances a Multifamily Property in Denver, Colorado


— Total funding equals $3.92 million—

New York, NY —July 25, 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 $3.92 million Fannie Mae 10-year loan to refinance Amherst Apartments, a multifamily property located in Denver, Colorado.

The proceeds of the loan will be used to refinance the existing bridge loan and provide the borrower with cash out proceeds that will be used to acquire other Denver area multifamily properties.  The borrower is BMC Investments, a multifamily real estate investment company focused on acquiring and repositioning apartment assets in the Denver metropolitan area.  Based in Denver, BMC’s managing partner is Matt Joblon.  BMC is active in searching for value-add deals in the Colorado area as well as other select markets around the country.

Upon acquiring the property in 2011, the borrower aggressively re-tenanted the property, turning over 50% of the units, and put a substantial investment into the asset to focus on marketing through their restoration and curb appeal plan.  The property currently maintains 100% occupancy with a waitlist. 

“Despite owning the Amherst Apartment facility for just over a year, Joblon and his team were able to restore the property to excellent condition and become a submarket leader within a few short months.” noted, Suzanne Cope,SVP of Debt Originations at Centerline Capital Group.  “In addition, submarket conditions, including vacancy rates are improving overall in Denver and the acquisitions market remains active.  These factors, combined with the fact that the borrower plans to use a portion of the loan to continue to invest in the local area, gave us great confidence in this deal.”

Amherst Apartments is comprised of a single three-story residential building housing 81 units in a square courtyard configuration.   Built in 1973, the property consists of 42-one bedroom units and 39-two bedroom units, ranging between 560 square feet and 975 square feet each.

“Centerline’s process was thorough, yet understandable and easy to navigate,” commented Matt Joblon with BMC Investments.  “They were great to work with because they quickly understood a complex story that other lenders had a tough time understanding. Because of that, we will continue to partner with Centerline as we expand our investment footprint in Colorado and other select markets around the country.”  

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.   Centerline offers a range of both debt and equity financing 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 136 funds, and invested in over 1,300 assets spanning 47 states. The firm’s multifamily lending platform services more than $11billion in loans. Founded in 1972, Centerline is headquartered in New York City, with 233 employees in ten offices throughout the United States.   A strategic partner of Island Capital, Centerline is organized around four business units:   Mortgage Banking, Affordable Housing Equity, Asset Management and Affordable Housing Debt.  For more information visit

About BNC Investments

BMC Investments (“BMC”) is a multifamily real estate investment company focused on acquiring and repositioning apartment assets for long-term ownership. BMC targets Class B and Class C workforce housing opportunities in secondary and tertiary suburban-infill locations in the Denver metro area, which have an aging competitive set, a lack of institutional presence, and a limited pipeline of future deliveries. BMC seeks to acquire value-add apartment properties comprising 75 units or greater that can benefit from physical and/or operational improvements. For more information visit


07/25/2012 - 08:48


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