Centerline Capital Group Refinances Three Multifamily Properties in Dallas County, Texas
— Total funding equals $16.5 million —
New York, NY — August 13, 2012 — 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 three Fannie Mae loans that total $16.5 million to refinance multifamily properties in Dallas County, Texas. The properties include:
- Spanish Grove Apartments. Located in Dallas, Texas, Centerline provided a $5 million Fannie Mae ERL loan to refinance Spanish Grove Apartments, a garden style multifamily complex with a total of 202 units that includes 21 two-story residential buildings and two single-story office/maintenance buildings. The loan terms include a 10-year fixed rate, with a 30-year amortization period.
- The borrower acquired the property in 2011 and subsequently invested $3.35 million in capital improvements to renovate the units and improve the overall curb appeal of the complex.
- Spanish Hills Apartments. Spanish Hills Apartments is a garden style complex located in Dallas, Texas, for which Centerline provided a standard Fannie Mae loan facility in the amount of $4.5 million. The complex includes 176 units and comprises 20 two-story residential building and two single-story buildings that house a leasing office and maintenance building.
- The property was acquired in November 2010 and the borrower immediately invested $3.6 million in capital improvements, including renovations to the units and conversion of the existing chiller system to individual HVAC units. The terms of the loan include a 10-year fixed rate, with a 30-year amortization period.
- Spanish Lagos Apartments. Centerline provided a $7 million Fannie Mae ERL loan to refinance Spanish Lagos Apartments, a multifamily facility located in Mesquite, Texas. The property, a garden style complex, comprises 288 units in 35 two-story residential buildings and two single-story leasing office/maintenance buildings. The loan terms include a 10-year fixed rate, with a 30-year amortization period.
- Upon acquisition in September 2010, the borrower aggressively invested $4.82 million to upgrade the HVAC, renovate the units, and improve curb appeal.
“This was a complex deal in that we were working to simultaneously close these three Fannie Mae loans for the same sponsor,” commented Steven Cox, Director, Commercial Real Estate at Centerline. “Centerline was able to efficiently work through the related financing issues and facilitate a swift refinance on behalf of the borrower. We were pleased these loans came together so well and were able to deliver quickly on each of these financings simultaneously.”
Centerline’s team, including: Steven Cox and Ian Monk were instrumental in the arranging and closing of these three transactions.
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 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.