Centerline Capital Group Refinances a Multifamily Property in Pascagoula, Mississippi
— Total funding equals $9.357 million —
New York, NY — September 12, 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 Fannie Mae DUS loan in the amount of $9.357 million to refinance The Lodge Apartments in Pascagoula, Mississippi.
Located in Jackson County, The Lodge Apartments comprises a total of 209 units in 7 garden-style buildings and a one-story building that houses a laundry, fitness center and mailboxes. The loan terms were a 10-year fixed term with 30-year amortization and 75% loan-to-value.
“The Property was originally built in 1973, but was severely damaged in 2005 by hurricane Katrina,” commented Steven Cox, Director, Commercial Real Estate at Centerline. “The borrower rebuilt The Lodge Apartments from the ground up, using high-quality, durable materials and finishes designed to reduce the damage to the property in the event of another windstorm or flood.”
The borrower is The Lodge, LLC, a Mississippi limited liability company. The property offers a competitive amenity package that includes central heating/air conditioning, two salt water pools, a sand volleyball court, tennis court, 24-hr surveillance cameras at each building and courtesy patrol, and 330 uncovered parking spaces. The unit mix includes both one- and two-bedroom apartments.
“The property is well managed and in excellent condition,” added Cox. “We were pleased that this deal came together so well and that we are able to play a role in an area that was devastated by hurricane Katrina.”
Doug Solether with CommercialBanc was the broker who placed the loan. The deal team at Centerline 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.