Press Release brought to you by Hunt Mortgage Group

Centerline Capital Group Refinances a Multifamily Property in Marion, Virginia

08/03/2012

— Total funding equals $2 million —

New York, NY — August 3, 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 $2 million Fannie Mae fixed rate MBS loan to refinance the Southview Village Apartments, an affordable multifamily housing development located in Marion, Virginia.

Built in 1982, Southview Village Apartments is a 72-unit garden-style apartment complex. The loan was structured with a 10-year term and 30-year amortization. The loan was underwritten to 80 percent loan-to-value with a 1.55x debt-service coverage ratio.  In addition, Southview Village Apartments has a 20-year HAP contract in place on 100% of the units.

“The Fannie Mae 10 year MBS product we put into place provided the customer with a full leverage, non-recourse loan at an attractive fixed rate that will help recapitalize and preserve Southview Village Apartments as an affordable housing property,” said Jim Gillespie, Managing Director at Centerline Capital Group.

The sponsor, Mark Carbone of Related Affordable, commented, "We were pleased to partner with Centerline Capital Group on the refinancing of Southview Village Apartments. Centerline provided excellent service throughout the process and we look forward to working with them on future transactions."

Southview Village Apartments is located on View Drive, just off of Interstate 81, approximately six miles west of the downtown area of Marion, Virginia. The property is comprised of 5, three-story garden apartment buildings, and 2, two-story townhouse buildings, with a variety of floor plans including one, two and three-bedroom units.

The property is subject to a HAP (Section 8 Housing Assistance Payments) contract with a 20 year term.

“At the time of closing the property was 100% occupied, and the property manager expects rental rates to remain the same in the near term,” added Gillespie.  “These factors combined with the solid sponsorship made this an attractive deal for Centerline.”

Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider and source for other forms of debt and equity.

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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.   We offer a range of both debt financing and equity investment products, as well as asset management services 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 137 funds, and invested in over 1,600 assets spanning 47 states. The firm’s multifamily lending platform services more than $11.5 billion in loans. Founded in 1972, Centerline is headquartered in New York City, with 246 employees in ten offices throughout the United States.   A strategic partner of Island Capital, Centerline is organized around four business units: Affordable Housing Equity, Affordable Housing Debt, Mortgage Banking and Asset Management.  To learn more about Centerline, visit www.centerline.com.

  

08/03/2012 - 08:34

Source

Hunt Mortgage Group

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