Centerline Capital Group Refinances a Multifamily Property in Pittsburgh, Pennsylvania
— Total funding equals $5.5 million —
New York, NY — June 28, 2014 — Centerline Capital Group, a provider of real estate mortgage services for affordable and conventional multifamily housing, announced today it has provided an FHA loan in the amount of $5.5 million to refinance a multifamily property located in Pittsburgh, Pennsylvania.
The Reserve at Summerset Apartments is a market rate multifamily complex located at the edge of Frick Park in Allegheny County with the physical address of 1876 Parkview Boulevard. The property is comprised of four, two- and three-story apartment buildings and a total of 40 units. Built in 2003, the unit mix includes one-, two-, and three-bedroom apartments with a total of four floor plans.
“The new funding enables the borrower to retire existing indebtedness with attractive long-term financing at a lower interest rate,” said Jim Gillespie, Managing Director at Centerline Capital Group. “The property is in good condition and has been well maintained.”
The property is managed by Pennrose Management Company. Headquartered in Philadelphia, Pennrose has provided results-oriented multifamily property management throughout the Mid-Atlantic, currently managing over 140 properties comprising 9,000 units.
“The principals involved in this transaction are all highly experienced real estate executives, with substantial expertise in the development, ownership and management of multifamily housing,” added Gillespie. “The local rental market is also healthy with overall low occupancy. We were pleased to finance this transaction as it was a solid deal for Centerline.”
“Centerline effectively and efficiently structured this deal. By doing so, it enables us to save money over the long-term,” noted Rich Gower, CFO of Pennrose Properties.“Their loan team was experienced and professional and we truly enjoyed working with them on the transaction. We hope to partner again with Centerline in the near future.”
The Reserve at Summerset Apartments was built as part of a larger community re-development initiative that includes single family residences. Property amenities include a community building with a 24-hour fitness center, business center, swimming pool, basketball half court and playground.
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, 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.