2013-03-08 14:06:04 -
- Total funding equals $6.04 million-
New York, NY - March 8, 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 (OTC: CLNH), announced today it has provided a $6.04 million Fannie Mae
DUS loan to facilitate the acquisition of Quad & Triangle Apartments, located in
Altoona, Pennsylvania.
Quad & Triangle Apartments includes a total of 210 garden-style apartments that
were built in two phases in 1973 and 1985. The property consists of 3 three-
story apartment buildings, 25 two-story townhomes and one single-story
commercial building.
The Borrower is Altoona Apartments, LP, a single asset entity, Pennsylvania
Limited Partnership formed for the purpose of purchasing the property. The
property purchase price is $6,825,000 and the loan will be used for acquisition
financing and to fund the deferred maintenance costs for repairs of
approximately $700,000. The terms of the loan are 10-year with one-year
interest only.
"We structured the loan to include as much of the scheduled repairs and soft
costs as was allowable, based upon the appraised value," noted Bryan Cullen,
director at Centerline Capital Group. "This will enable the borrower to acquire
the property and facilitate the necessary repairs all in one package."
Quad & Triangle Apartments will be managed by Berger Rental Communities, a full
service property management company that specializes in garden style multifamily
housing.
"Berger Rental Communities is a well-known apartment management company that has
successfully owned and managed multifamily apartment communities for nearly 40
years," continued Cullen. "In addition, the borrower sponsor is an established
real estate professional with more than 39 years of experience and ownership
interests in approximately 3,500 garden style apartment homes. These factors
made this the perfect deal for Centerline."
"The acquisition financing process with Centerline was smooth and efficient,"
commented James Conley, director, capital markets with Marcus & Millichap
Capital Corporation, the broker on the deal. "It is a pleasure to have a
relationship with an organization that has such a strong understanding of
current needs of today's property owner and investor."
The unit mix includes 18 one-bedroom, one-bath apartments, 36 two-bedroom, one-
bath apartments, 128 two-bedroom, one-and-a-half bath townhomes, and 2 one-
bedroom, one-and-a-half bath townhomes, and 26 three-bedroom, one-and-a-half
bath units. Parking at the property offers space for 443 cars, including 23
spaces at the commercial building.
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 alternative capital.
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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 241
employees in 14 locations 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.
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Source: Centerline Holding Company (CharterMac) via Thomson Reuters ONE
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