2013-03-13 15:22:53 -
- Total funding equals $21 million -
New York, NY - March 13, 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 three conventional Fannie
Mae DUS loans that total $21 million to enable the acquisition of three
multifamily properties - two in Texas and one in Virginia.
The properties include:
* Hilltop Apartments. Centerline provided a $6.02 million loan for the
acquisition of Hilltop Apartments, a garden-style multifamily facility
located in North Richland Hills, Texas. The property, situated at 6424 Iron
Horse Boulevard, includes 238 apartments housed in 24, two-story apartment
buildings.
* Audubon Park Apartments. Located at 5800 Northwest Drive in Mesquite,
Texas, Audubon Park Apartments is a garden-style multifamily facility that
comprises 260 apartments housed in 34, two-story apartment buildings.
Centerline provided a $5.570 million loan for the acquisition of Audubon.
* Rollingwood Apartments. Centerline provided a $9.020 million loan for the
acquisition of Rollingwood Apartments, a garden-style multifamily facility
located in North Chesterfield, Virginia at 6300 Pewter Avenue. The complex
includes 278 apartments housed in 27, two- and three-story apartment
buildings.
"We were pleased that these three loans came together so well and were able to
deliver on each of these financings simultaneously, and as part of the same
portfolio," commented John Beam, Managing Director in the Mortgage Banking Group
at Centerline Capital Group. "The loans were provided to the same borrower, a
repeat Centerline customer that is a well-known, seasoned real estate investor
with a solid track record for success. We are already analyzing new business
with this important client."
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.
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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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