Press Release brought to you by Hunt Mortgage Group

Centerline Capital Group Refinances a Senior Housing Property in Stoughton, Wisconsin

01/29/2013

— Total funding equals $4.05 million—

New York, NY — January 29, 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 (OTC: CLNH), announced today it has provided a $4.05 million FNMA Affordable Preservation loan facility to refinance a senior housing property located in Stoughton, Wisconsin.                                                                                     

The property, Rosewood Apartments, is an age-restricted, garden-style affordable housing complex that includes a total of 90 units housed in two connected three-story buildings.  At closing, the property was outside of the 15-year tax credit compliance period, but within the 15-year extended use compliance period.  Portions of the proceeds from the cash out refinancing will be used to pay off existing hard debt and unsecured debt held by Centerline Capital Group. 

The borrower is Stoughton Senior Housing Limited Partnership, led by Lyndon Jackson and Charles W. Giesen, well-known local real estate owners and investors with more than 30 years of experience. 

“The loan facility we put into place for Rosewood Apartments taps Fannie Mae’s extended rate lock program which allowed the borrower to minimize rate risk while waiting for the end of the current prepayment structure,” explained Suzanne Cope,SVP of Debt Originations at Centerline Capital Group.  “Our team worked quickly to identify the best loan program for the borrower.  The borrower was thrilled that we were able to push proceeds with a strong appraisal and ended up closing on higher proceeds than promised at application.”

“The collaboration and teamwork exhibited by the Centerline team and Fannie Mae enabled a quick loan closing with certainty of execution,” noted Jackson.  “We were very pleased with the end result and look forward to partnering with Centerline again in the near future.”

Rosewood Apartments is located approximately 16 miles southeast of Madison, Wisconsin.  Property amenities include 64 underground parking spaces and 30 open surface parking spaces, including 3 handicap spaces, six laundry facilities, a large community room with fireplace, business center and complete kitchen, library and central mailbox. 

“Our deal team worked closely with the borrower and Fannie Mae to create a loan structure that worked for all parties.  We were delighted to see the deal come together,” added Cope.

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.

 

  

01/29/2013 - 11:04

Source

Hunt Mortgage Group

Want more news about Hunt Mortgage Group? Click here