Centerline Capital Group Refinances a Multifamily Property in Omaha, Nebraska
— Total funding equals $4.65million —
New York, NY — June 20, 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 $4.65 million Fannie Mae DUS loan for the refinance of Cambridge Villas, a multifamily facility located in Omaha, Nebraska.
The borrower is a well-known, local family-owned developer, owner and operator. The Fannie Mae loan, a 20-year fully amortizing facility, will be used to refinance existing debt and provide capital for building improvements. The loans terms are 75% loan-to-value, 1.27 debt service coverage on refinance, with a 20-year term.
Built in 1997, Cambridge Villas is a 72 -unit, garden-style Class B apartment complex situated on 6.85 acres of land. The campus includes 13, 2-story apartment buildings and the unit mix consists of 9, one-bedroom, one-bathroom units; 52, two-bedroom, two-bathroom units; 11, three-bedroom, two-bathroom units; as well as 50 open parking spaces.
“This was an interesting and complex deal due to a complicated ownership structure that involved numerous individuals, trustees and family trusts,” noted Joseph Markech, Vice President in the Mortgage Banking Division at Centerline Capital Group. “The borrower was interested in a fully amortizing structure to take advantage of current low interest rates and to secure the funding necessary to improve the property. Our team mobilized quickly, worked through the ownership structure issues and put the deal into place.”
Project amenities include a leasing office, swimming pool, garages and a fitness room. Unit amenities include fully equipped kitchens, patios or balconies, fireplaces, intercoms, vaulted ceilings, washer/dryer hookups and walk-in-closets. Overall, the subject has good visibility and good drive-by appeal.
“The property is in good condition, well-located with good visibility and drive-by appeal, and the ownership is proactive in terms of property maintenance,” continued Markech. “These factors made this an attractive deal for Centerline.”
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 alternative capital.
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 136 funds, and invested in over 1,600 assets spanning 47 states. The firm’s multifamily lending platform services more than $11 billion in loans. Founded in 1972, Centerline is headquartered in New York City, with 243 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.