Centerline Capital Group Refinances a Multifamily Property in Stockton, California
— Total funding equals $8.5 million —
New York, NY — November 8, 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 an $8.5 million Fannie Mae loan to refinance a multifamily facility located in Stockton, California.
Torcello Apartments is a garden style multifamily facility that comprises a total of 302 units that were developed in four phases. Each phase was financed separately with four individual loans. The new Centerline loan facility will refinance the existing debt on Phase 1 and Phase 2 that includes 153 units that were built in 2002 and 2003. The loan is cross-collateralized and cross-defaulted with the two remaining Fannie Mae loans on Phase 3 and Phase 4. This structure was put into place in order to meet the Lender’s requirements.
The borrower is Patmon Torcello LP, a Delaware limited partnership sponsored by Charles G. Patmon III.
“Patmon Company Inc. is a quality company with a solid track record of owning and operating multifamily properties in the local market, and is known for taking great care of its properties,” commented Matt Olrich, Vice President at Centerline. “They are also a repeat customer who has turned to Centerline for financing since the late 1990s.”
“Torcello Apartments is in excellent condition, and the refinance of Phase 1 and 2 enabled the borrower to lock in at a lower interest rate,” added Olrich. “This was a solid deal for Centerline; we are pleased to play a role in the Patmon Company’s continued success.
Torcello phase 1 and 2 includes 16 buildings in three parcels on 5.98 acres of land. Property amenities include remote gates access with video monitored guest access connected to the resident’s TV, central air and heating, a swimming pool and laundry facility.
Centerline’s team, including Matt Olrich and Blanca Terrazas were instrumental in the arranging and closing of this transaction.
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.