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Centerline Capital Group Refinances a Multifamily Property Located in Beaverton, Oregon


— Total funding equals $3.73 million—

New York, NY — October  28, 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 an $3.73 million Fannie Mae DUS loan to refinance Farmington Townhomes, a multifamily property located in Beaverton, Oregon, a southwest suburb of Portland.

Farmington Townhomes is a 62-unit property that was originally built in 1974 and comprises in 10, two-story, townhome style buildings with brick and wood siding and pitched roofs.  The borrower is a single-asset LLC who made a number of significant repairs, totaling $1.2 million ($17,600/unit) upon purchase.

“Farmington Townhomes was purchased in by its current owner January 2012 for just over $2.7 million,” explained Bryan Cullen, director at Centerline Capital Group.  “The property owner implemented a number of effective renovations and management improvements and increased the property value to over $5 million in just one-and-a-half years.”

The repairs made to the property include new roofs, windows, repairing and repainting the exterior of the facility, parking/paving, unit rehabs, and landscaping upgrades. The loan Centerline put into place is a cash out refinance of the existing debt of $2.3 million.  The net proceeds will be used for future acquisitions.  The loan term is ten years, with a 30-year amortization schedule. 

“The borrower is an experienced multifamily property owner and manager with 24 multifamily properties that they successfully manage in Oregon, California and Washington,” continued Cullen.  “In addition, the borrower is a repeat Centerline customer that currently holds 17 loans on 12 properties with Centerline.  These factors, combined with the deal’s solid real estate fundamentals, made this a good deal for Centerline.”

Commenting on the deal Brad Willson with Marcus & Millichap Capital Corporation said, “I have worked with Centerline and have completed approximately $50 million in financings for this client.  They have been acquisition financings, cash out refinances, small loans and supplementals.  In all cases Centerline did what they promised and they are always smart and responsive.”

Property amenities include an on-site leasing office and two laundry facilities. Unit amenities include a standard, fully-equipped kitchen, full size washer and dryer in select units (hookups available in other select units), balcony or patio with a small private storage access.   Parking spaces are provided.

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, bridge and CMBS lender, and source for other forms of alternative capital.


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 $12.2 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


10/26/2013 - 15:27


Hunt Mortgage Group

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