Centerline Capital Group Refinances a Multifamily Property in West Los Angeles, California
— Total funding equals $5.6 Million —
New York, NY —October 24, 2013 —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, announced today it has closed a $5.6 million Fannie Mae Choice loan to refinance Sharon Towers Apartments.
The property is a five-story building that contains 51 units located over semi-subterranean parking. Built in 1971, the property is 100% occupied. Over the past three years, the borrower invested in significant capital repairs in unit upgrades with new appliances, flooring, fixtures, faucets and granite counter-tops and on a non-recurring roof and cooling system repairs.
Sharon Tower Apartments is located in the Westwood area of West Los Angeles, California, amature affluent neighborhood in an excellent locationwith pent up demand for rental housing. Commenting on the property, Richard Olrich, Managing Director, at Centerline said, “Sharon Towers is a mid-rise multifamily property in good condition that offers an excellent unit mix and a good amenity package, all desirable features for the prospective tenants in in the Westwood area.”
The borrower is Sharon Towers Investment Company, LLC, a California limited liability company. “The borrower has an excellent track record owning and operating multifamily assets in the local area and are long-time Fannie Mae and Centerline customers,” added Olrich. “This was a solid deal for Centerline.”
The loan terms include a 10-year term with 30-year amortization period. Property amenities include two elevators, a heated pool, secure building access and gated parking garage.
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 and asset management company, provides financing, investing and asset management services for affordable and conventional multifamily housing throughout the United States. Centerline is organized around three business units: Mortgage Banking, Affordable Housing Debt and Affordable Housing Investments. 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 $12.2 billion in loans, of which affordable housing makes up $3.1 billion. A leading sponsor of Low-Income Housing Tax Credit (LIHTC) funds, Centerline’s third business focuses on identifying and investing in affordable housing properties and managing those assets as a fiduciary for the fund investors throughout the asset’s and fund’s lives. Since inception, the firm has raised more than $10 billion in equity across 137 funds, and invested in over 1,600 assets spanning 47 states. Founded in 1972, Centerline is headquartered in New York City, with 221 employees in fourteen locations throughout the United States. To learn more about Centerline, visit www.centerline.com.