Centerline Capital Group Refinances a Student Housing Property Located in Denton, Texas
— Total funding equals $17.3 Million—
New York, NY — August 22, 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 $17.3 million Freddie Mac CME loan to facilitate the acquisition of a student housing property in Denton, Texas.
Midtown Denton Apartments is a 120-unit student housing complex that was built in 2011 and 2012. The property enjoys a strategic location within the Dallas/Ft. Worth metroplex in the well-performing submarket of Denton, near the University of North Texas.
“The new property owner plans to improve the amenity package and provide professional management,” commented Yogesh Joshi, Senior Vice President, at Centerline Capital Group. “These changes, combined with a highly focused customer service oriented management and cost reductions are expected to result in sustained strong operations on-site.”
This acquisition transaction was financed with Freddie Mac CME fixed rate 7 year loan with 1 year of interest only followed by a 30-year amortization.
Centerline closed the transaction within 50 days from the receipt of loan application. “The deal came together quickly as the result of solid teamwork between Centerline, Freddie Mac and a highly experienced borrower,” added Joshi.
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.