Centerline Capital Group Refinances Two Multifamily Properties in Sacramento, California
— Total funding equals $16.96 million —
New York, NY — November 6, 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 closed two Fannie Mae DUS loans that total $16.96 million, to refinance multifamily properties in Sacramento, California for a single sponsor.
The borrower is JCM Partners, LLC, a Delaware entity formed in May 2000 that currently owns and manages many multifamily and commercial properties in Northern California. The two loans are cash-out refinances and the proceeds from the cash-out will be used to purchase additional apartment investments. The loan term is seven years, with principal amortizing over a 30-year schedule, and the interest rate is 3.30%.
The properties include:
- Fair Oaks Meadows Apartments. Centerline provided a $6.24 million loan to refinance Fair Oaks Meadows Apartments, a garden style multifamily community that was built in 1987. The property is comprised of seven two-story apartment buildings and a leasing office/clubhouse. The unit mix includes 44 one-bedroom, one-bathroom units, 23 two-bedroom, one-bathroom apartments, and 28 two-bedroom, two-bathroom units. Property amenities include an outdoor pool and spa, and the property has a total of 169 parking spaces, including 96 covered spaces and 73 open surface spaces.
- River Blu I. River Blu I (formerly known as Glenbrook Apartments) is a garden style multifamily complex, for which Centerline provided a loan facility in the amount of $10.7 million. The complex comprises 16 two-story apartment buildings, a clubhouse, three laundry rooms and a leasing office. The property unit mix includes 139 one-bedroom, one-bathroom apartments, and 67 two-bedroom, two-bathroom units. Property amenities include an outdoor swimming pool, and 304 parking spaces including 206 covered carport spaces and 98 open surface spaces.
“The borrower is an experienced owner and manager who has successfully managed a wide variety of local multifamily and other commercial properties,” said Matt Olrich, Vice President at Centerline. “JCM is also a repeat customer that currently has several loans with Centerline. We were pleased that we were able to secure these two loans simultaneously – at a very low interest rate – and provide the sponsor the funds needed to continue to invest in the local area.”
Centerline’s team, including Matt Olrich, Adam Leiden and William Anderson were instrumental in the arranging and closing of these 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.