Centerline Capital Group Refinances a Multifamily Property in Panama City, Florida
— Total funding equals $4.8 million —
New York, NY — April 14, 2014 — Centerline Capital Group, a provider of real estate mortgage services for affordable and conventional multifamily housing, announced today it has provided a $4.8 million FHA HUD 223(f) to refinance Foxwood Apartments, an affordable multifamily facility located in Panama City, Florida.
Constructed in 1980, Foxwood Apartments was acquired in 2011 and renovated using proceeds from the sale of 9% Low Income Housing Tax Credits and conventional financing. The renovation – that totaled in excess of $35,000 per unit – was completed in June 2013.
“Centerline completed the most recent refinance using the FHA 223(f) program under the Three Year Waiver Rule to provide permanent financing at an attractive fixed rate,” explained Jim Gillespie, Managing Director at Centerline Capital Group. “The proceeds from the FHA loan were used to retire the existing indebtedness and cover related transaction costs.”
Foxwood Apartments is a 100-unit affordable multifamily housing property that benefits from a long-term Section 8 HAP contract covering 100% of the units. The property is comprised of 13, two-story apartment buildings that house a total of 100 units, and a single-story community center.
“Having recently completed an extensive rehabilitation, the property is in very good condition,” added Cindy Hannon, Senior Vice President at Centerline. “The new loan structure will help preserve much needed affordable housing in the local community.”
Foxwood Apartments is located about 2 miles northeast of Panama City and the economic outlook for the area is positive.
“The borrower is a repeat Centerline customer with extensive experience in affordable housing throughout the state of Florida and the affiliated property management company has solid local market knowledge and expertise as well. The successful refinance of Foxwood Apartments as a quality affordable housing complex will serve its residents well into the future,” concluded Gillespie.
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 real estate finance company, provides financing and investing for conventional and affordable multifamily housing throughout the United States. Centerline is organized around two business units: Mortgage Banking and Affordable Housing Debt. 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 $10.4 billion in loans, of which affordable housing makes up $916 million. Founded in 1972, Centerline is headquartered in New York City, with 159 employees in 13 locations throughout the United States. To learn more about Centerline, visit www.centerline.com.