Centerline Capital Group Refinances a Package of Multifamily Properties in Northern California
- Total funding equals $113.7 million-
New York, NY- July 18, 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 Fannie Mae DUS loans that total approximately $114 million, to refinance multifamily properties in Northern California for a single sponsor.
The borrower currently owns and manages numerous multifamily properties. The loan terms for the package of loans are for I 0 years with I 0 years of interest only payments. ''The borrower is an experienced owner and manager of multifamily properties," said Richard Olrich, Managing Director, at Centerline. "We were pleased that we were able to assist the borrower to secure these ten year full term interest only loans at very attractive interest rates."
Centerline's team included Richard Olrich, Matt Olrich, Adam Leiden, Jordan Kilbury, Blanca Terrazas and Vanessa Howes who were instrumental in the arranging and closing of these transactions.
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 sellerservicer, FHA-approved mortgage provider and source for other forms of debt and equity.
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.