Press Release brought to you by Hunt Mortgage Group

Centerline Capital Group Refinances a Multifamily Property Located in Silver Spring, Maryland

11/05/2013

— Total funding equals $3.4 million—

New York, NY — November 5, 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 $3.4 million Fannie Mae DUS loan to refinance a multifamily facility located in Silver Spring, Maryland.

The property – Yorkshire Apartments – is a 98-unit property that was built in 1990 as the second phase of a two phase development.  The facility is comprised of seven, garden-style apartment buildings and consists entirely of two- and three-bedroom units.

The loan will be funded through Fannie Mae’s Early Rate Lock program and is a non cash-out refinance.  The property is already listed in Centerline’s portfolio and the borrower is Ralph J. Duffie, Inc., a single asset LLC.

“The borrower wanted to replace their existing non-maturing loan with a new loan at a lower interest rate,” explained Bryan Cullen, director at Centerline Capital Group.  “Utilizing Fannie’s Early Rate Lock program, we were able to lower their debt service by $35,000 a year while maintaining an amortization of the loan in 2028.”

“I have been working with Bryan Cullen on various refinance options for years and in order to make this work we needed to have a 15 year loan at below 5%,” commented Mark Ramsey with Ralph J. Duffie, Inc. “Centerline worked quickly with us on an Early Rate Lock commitment to strike the rate before it moved above that threshold.”

Silver Spring is located in Montgomery County, a stable submarket with close proximity to major, steady employment sources and other demand generators.  Market conditions in the County area are expected to continue support the property's ability to maintain high occupancy rates and to generate adequate cash flows to service the loan.

“Yorkshire Apartments is located in a highly desirable suburb of Washington, DC,” continued Cullen.  “It is also in good physical condition with minimal immediate repair needs.  These factors, in combination with the properties curb appeal, enhance the subject's competitiveness in the market and provided us adequate comfort regarding the quality of the collateral.”

Yorkshire Apartments is professionally managed by Grady Management, Inc. Founded in the 1980s, Grady is one of the premier property management companies in the Washington, DC and Baltimore Metropolitan areas.  Since its inception, Grady has managed more than 31,000 units in over 100 communities.

Project amenities include a playground and 147 free surface parking spaces.  In addition, the residents have access to a pool and tennis courts that are located on another property owned by the same sponsorship. 

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.

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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 www.centerline.com.

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11/05/2013 - 11:32

Source

Hunt Mortgage Group

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