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Centerline Capital Group Refinances Pickwick East Apartments in Baltimore, Maryland


— Total funding equals $19.5 million—

New York, NY — November 14, 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 provided a $19.5 million Fannie Mae DUS loan to refinance Pickwick East Apartments, a multifamily facility located in Baltimore, Maryland.

The loan facility is a cash out refinance of a maturing Fannie Mae DUS.  The borrower is The Rachuba Group, a single asset LLC and repeat Centerline customer. “The Borrowers will be taking the $4.6 million plus in net proceeds to re-invest in the property and to recoup some captured equity,” noted Bryan Cullen, director at Centerline Capital Group.

Pickwick East Apartments is a 655-unit property that was originally built in 1971 by legacy companies of the current borrower.   Comprised of 38, two- and three-story brick buildings with pitched roofs, the property is situated on 35 acres in northeast Baltimore.  The property has primarily one- and two-bedroom apartments and a few three-bedroom units.  

The property qualifies as a student housing property because 50% of the tenants are students; however, it is not marketed as a student property and the students on-site generally have families.

“One of the unique things about this deal was that Centerline had to close the loan in less than 60 days and had to obtain waivers for student presence and pricing,” continued Cullen.  “The final loan was under 50% of appraised value and the term was 15 years.  The borrower selected a 25 year amortization schedule in order to amortize the loan quicker.”   

“We have worked with Bryan for a number of years before deciding to go forward on this refinance but had chosen to go with an FHA loan and a different lender.  Increasing interest rates and timing concerns necessitated going back to Centerline in August,” said Theresa Leatherbury with The Rachuba Group.  “Bryan provided us with a number of options, and we chose a Fannie Mae DUS loan because of the low interest rate combined with our confidence in the ability to fund prior to the October 1st maturity.” 

Pickwick Apartments is located within the Pikesville neighborhood of Baltimore, in the northwest corner of the city and within the I-695 Beltway. The neighborhood consists of both single and multifamily uses with retail surrounding the property. Property amenities include a swimming pool, playground, leasing office and 932 parking spaces.

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


11/14/2013 - 09:44


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