Press Release brought to you by Hunt Mortgage Group

Centerline Capital Group Refinances a Multifamily Property in Philadelphia

07/23/2012

— Total funding equals $4.4million —

New York, NY — July 23, 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 $4.4 million Fannie Mae Tier 2 loan for the refinance of Oxford Portfolio, a multifamily facility located in Philadelphia, Pennsylvania.

Built in 1940, Oxford Portfolio is a 117-unit garden style apartment complex that consists of seven buildings on four parcels, including three contiguous parcels and one non-contiguous parcel.  The borrower acquired the property in 2007 and has invested approximately $175,000 in capital improvements in the past three years, including new appliances, new flooring, unit upgrades, plumbing and electrical upgrades, and roof replacements.   

The subject is currently 97.4% occupied and has averaged 95% occupancy over the last 12 months.  The loan term is 10-years with 9.5 years yield maintenance, and a 30-year amortization schedule.  In addition, there are 40 Section 8 voucher tenants at the subject. 

“The borrower and manager is a seasoned real estate executive who has done a lot to improve this property over the past couple of years,” commented Owen Breheny, Senior Vice President, Mortgage Banking Division at Centerline.  “In addition to its solid sponsorship, the property is well-located with a very high occupancy rate.  These factors made this an attractive deal for Centerline.”

The borrower has over 20 years of multifamily real estate ownership and management experience and currently owns a large portfolio of multifamily properties in the Philadelphia market. 

The subject is located in the Frankford section of Philadelphia, approximately eight miles northeast of the central business district.  Primary employment in the subject neighborhood and its surrounding neighborhoods is industrial in nature. 

The deal team at Centerline was Owen Breheny, Darrell Clark and Michael Haase.  The brokers on the deal were Eric Orlofsky and Ben Orlofsky of Center Street Capital.

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 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.

07/23/2012 - 08:23

Source

Hunt Mortgage Group

Want more news about Hunt Mortgage Group? Click here