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Centerline Capital Group Refinances Three Multifamily Properties in the Baltimore Area

05/01/2013

— Total funding equals $22 million —

New York, NY — May 1, 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 three Freddie Mac loans that total approximately $22 million to refinance three multifamily properties in the Baltimore, Maryland area. 

The loans – all cash out refinances of an existing Freddie Mac execution – were closed simultaneously for the same borrower, a Maryland limited partnership.  The properties are all located northeast of Baltimore and include:

  • Clear Springs Townhomes.  Centerline provided a $5 million loan to refinance Clear Springs Townhomes, a 69-unit garden-style apartment complex located in Parkville, MD.  Built in 1986, the property is Phase 2 of a two-phase property. The loan is a seven-year term with a 30-year amortization. The complex is well maintained as the borrower has continued an aggressive capital improvement program on-site that included replacing all roofs from 2007 to 2011.  The borrower plans to use the proceeds from the refinance to replace/upgrade the non-brick portion of the siding to vinyl. 
  • Durban Road.  Durban Road is a 60-unit garden-style apartment complex located in Perry Hall, MD.  The property is also Phase 2 of a two-phase property.  Built in 1987,Centerline provided a $2.75 million loan to refinance Durban Road.  The term of the loan is 10 years with a 15-year amortization. This well maintained property underwent a complete renovation in 2010, including the replacement of the roofs, siding, and windows. Property amenities include an office/clubhouse and pool. 
  • Cottington Road.  Centerline provided a $14 million Freddie Mac loan to refinance Cottington Road, a 288-unit garden-style apartment complex located in Perry Hall, MD.  The property is Phase 1 of a two-phase property that was built in 1987. The loan carries a 10-year term with 15-year amortization schedule. The property underwent a renovation in 2010, including the replacement of the roofs, siding, and windows. Property amenities include a clubhouse/leasing office and pool, which are located on Phase 2 of the property. 

“The borrower is a repeat Centerline client with many years of experience developing, owning and managing multifamily real estate in the local area,” commented James Kelly, Vice President, Mortgage Banking at Centerline.  “This three-property portfolio represents the sixth, seventh, and eighth deals closed with the borrower, making Centerline’s total commitment $96.3 million.”

“The properties are all in excellent condition and the sponsor is very proactive in making improvements and upgrades to all the properties in their portfolio,” added Deborah Proctor, Assistant Vice President, at Centerline.  “In addition, the properties are well located in the Parkville/Carney/White Marsh submarket, which enjoys a very low vacancy rate of 2.6%. We were pleased these loans came together so well and were able to deliver on each of these financings simultaneously.”

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.

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About Centerline Capital Group

Centerline Capital Group, a privately held 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.

 

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05/01/2013 - 08:30

Source

Hunt Mortgage Group

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