Centerline Refinances Two Multifamily Properties in Dallas County, Texas for the Same Sponsor
— Total funding equals $19.3 million —
New York, NY — October 2, 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 funding in the amount of $19.3 million to refinance to two properties located in Dallas County, Texas.
Both loans were provided to the same sponsor and are Fannie Mae facilities that carry a 10-year term, 30-year amortization, and a 9.5 year yield maintenance period. The borrower is a Texas limited liability company that is managed by Gage Investments, Ltd., a Texas limited partnership.
“The borrower is a seasoned local real estate executive and repeat Fannie Mae and Centerline customer,” said Steven Cox, Director, and head of Centerline’s New York mortgage banking production team. “Over the past 12 months, Centerline had closed four additional loans for this borrower.”
Both properties were recently renovated and include:
» Spanish Court Apartments. Centerline provided a loan in the amount of $10.3 million to refinance Spanish Court Apartments, located in Mesquite (suburban Dallas), Texas. The property, a garden-style multifamily facility comprised of 39 two-story residential buildings houses a total of 373 units, and was acquired by the borrower in May 2012 and subsequently improved with significant capital improvements.
Spanish Court Apartments was built in 1964 and consists of 10 floor plans, ranging from studios to three-bedroom units, including traditional garden units and townhouse units.
» Spanish Village Apartments. Comprised of 22 one-, two-, and three-story residential buildings, Spanish Village Apartments is located in Dallas, Texas. Spanish Village Apartments was also acquired by the borrower in May 2012 and renovated. Centerline provided a Fannie Mae facility in the amount of $9 million to refinance the property.
Built in 1980, Spanish Village Apartments includes 14 floor plans ranging from studios to three-bedroom units.
“Due to the completed renovation and capital improvements, the overall property condition for both properties is good,” added Cox. “These factors, coupled with thesolid deal sponsorship and strength of the local market, made this an attractive deal for Centerline.”
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.