Centerline Capital Group Refinances a Multifamily Property in Loveland, Ohio
— Total funding equals $4 million —
New York, NY — May 29, 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 $4 million Fannie Mae DUS loan facility to refinance Deer Ridge, a multifamily facility located in Loveland, Ohio.
Deer Ridge is a three story walk up apartment complex that was built in 1997 and comprises a total of 132 units. The property was built by the borrower Metro Communities, a well-known local owner and investor that has been in business for over 50 years.
Proceeds from the loan were used to pay off existing debt. Loveland, Ohio is located in the Cincinnati MSA and is a bedroom community favored by families in the area due to its proximity to employment, transportation, shopping amenities and the local school system.
“Deer Ridge is in excellent condition and has been very well maintained,” said Joseph Markech Vice President, Mortgage Banking Division at Centerline Capital Group. “We were pleased that we could provide the borrower with a great deal and close in a timely fashion. The property is located in a desirable area outside Cincinnati in a good family oriented community with great schools. We hope to do more business with this group in the near future.”
The Centerline deal team that originated and closed the deal included Robert Washington and Brooke Jackson.
The Affordable Housing Debt group at Centerline provides mortgage financing for affordable multifamily properties throughout the United States. Centerline is a Fannie Mae DUS lender, Freddie Mac TAH lender, 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.