Centerline Capital Group Refinances a Multifamily Property in Ohio
— Total funding equals $4.275 million —
New York, NY — November 2, 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 $4.275 million Fannie Mae Choice loan for the refinance of a multifamily property in Mentor (Lake County), Ohio.
Concord Place Apartments is a 90-unit apartment complex that consists entirely of two-bedroom, two-bathroom units. The borrower, Concord Place Apartments Co. LP, developed the property in 1989 and takes a proactive approach to property management and maintenance, resulting in a property in good condition overall.
The loan facility will be used to refinance an existing Centerline Fannie Mae portfolio loan that was in the Centerline portfolio for 20+ years. Loan terms include an 18-year fixed rate, with a 25-year amortization period.
“The Concord Place Apartments loan is unusual in that carries an 18-year term,” explained Steven Cox, Director, Commercial Real Estate at Centerline. “Because the property is in a trust, the borrowers did not want the refinance risk. The long-term loan with lower amortization was appealing to them because it leaves a low loan balance at the end of the term.
“The property is well maintained and has a current occupancy rate of 100 percent,” continued Cox. “These factors, combined with the solid sponsorship and property management made this an attractive deal for Centerline.”
Each unit at Concord Place includes a living room, kitchen/dining room, utility/laundry room, as well as a one-car garage and one-car driveway. The Centerline team on the deal included Steven Cox and Ian Monk.
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 and source for other forms of debt and equity.
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.