Centerline Capital Group Refinances a Multifamily Property in Jacksonville, Florida
— Total funding equals $6.75MM—
New York, NY — May 9, 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 $6.75 million Fannie Mae fixed rate affordable loan to refinance Pinewood Pointe Apartments, a multifamily facility located in Jacksonville, Florida.
The fixed-rate loan has a twelve-year term, 9.5-year lockout, and a 30-year amortizing schedule. The borrower is SP Pinewood, LP, a Florida limited partnership. The proceeds from the loan will be used to refinance existing tax-exempt bonds, which were also financed by Centerline.
Pinewood Pointe Apartments is a 136-unit affordable multifamily property, comprised of 24, two-story apartment buildings and a clubhouse. Forty-eight of the units are garden style and 88 are townhouse style apartments.
“The property is well-located in a desirable residential neighborhood with high quality development surrounding the property and easy access to major employers, supportive commercial uses and recreational amenities,” noted Jim Gillespie, Managing Director at Centerline Capital Group. “The borrower is a repeat Centerline client that is a very experienced multifamily developer, owner and manager. At Centerline, we continuously look to identify affordable housing opportunities that are attractive to our investors and also make a significant impact on the communities where they exist.”
Pinewood Pointe Apartments was originally constructed in 1991, and was acquired and renovated in 2007 with tax-exempt bonds issued by Florida Housing Finance Corporation and equity from the sale of 4% low income housing tax credits.
Property amenities include a clubhouse/leasing office with business center, common laundry room, a community pool, two children’s playgrounds, car wash area and picnic areas.
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 privately held 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.