Centerline Capital Group Refinances Three Multifamily Properties in Northern California
— Total funding equals $46.7 million —
New York, NY — July 11, 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 simultaneously closed three Fannie Mae DUS loans that total $46.7 million to refinance multifamily properties in Northern California for a single sponsor. The properties include:
- Amber Court Apartments. Located in Fremont, California, Centerline provided an $18.1 million Fannie Mae DUS Choice loan to refinance Amber Court Apartments, a garden style complex with 168 units and 21 total buildings, including 18 two-story residential buildings, a leasing office and two maintenance buildings. Property amenities include remote controlled security access, outdoor swimming pool and sauna, fitness center, children's play area, wall-mounted air conditioning and heating, and 315 parking spaces, including 169 covered spaces.
- The Arbors Apartments. The Arbors Apartments is a garden style complex located in Livermore, California, for which Centerline provided a loan facility in the amount of $16.5 million. The complex comprises 19 buildings including 17 two-story residential buildings and a leasing office. Property amenities include an outdoor swimming pool, fitness center, tennis courts, basketball court, and 324 parking spaces including, 162 covered spaces.
- Diablo Vista Apartments. Centerline provided $12.1 million to refinance Diablo Vista Apartments, a multifamily facility also located in Livermore, California. The property, a low-density complex, comprises 135 units in 19 buildings, including 17 two-story residential buildings, a leasing office and fitness center. Property amenities include a swimming pool, children’s play area, half basketball court, and 270 parking spaces including 135 carports.
“This was complex deal due to a variety of complicated affordable housing issues related to each property, in particular the redemption of tax exempt bonds,” noted Richard Olrich, Managing Director, at Centerline. “Centerline was able to efficiently work through these issues and facilitate a swift refinance on behalf of the borrower. The total financing was put into place – from application to close – in 60 days, and the rate was locked within 27 days from receipt of application. We were thrilled to deliver so quickly on each of these financings simultaneously.”
Centerline’s team, including Richard Olrich, Adam Leiden, Krage Olrich and Matt Olrich were instrumental in the arranging and closing of these three transactions.
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 136 funds, and invested in over 1,600 assets spanning 47 states. The firm’s multifamily lending platform services more than $11 billion in loans. Founded in 1972, Centerline is headquartered in New York City, with 243 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.