2013-09-24 14:16:02 -
- Total funding equals $44 million -
New York, NY - September 23, 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 nine conventional Freddie Mac loans
that total nearly $44 million to enable the acquisition of nine multifamily
properties located in Houston and Dallas.
The properties include 2,150 units built in the 1980's renovated in 2005. In
Dallas the apartment facilities are Cedarbrook, Park on Rosemeade, Shadow Creek,
The Pinnacle and Westwood Village. The Houston apartments include Crystal Bay,
Savoy Manor, Southpoint and Wolf Creek.
"We were extremely pleased that these loans came together so well and were able
to deliver on each of these financings
simultaneously on the desired date
through floating rate financing," commented John Beam, Managing Director in the
Mortgage Banking Group at Centerline Capital Group's Atlanta office. "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. This
relationship continues to be one of Centerline's largest."
"Centerline effectively closed a three-property portfolio in Texas and Virginia
for the same borrower earlier this year," added Keith Morris, Vice President,
Mortgage Banking at Centerline.
"Our team has worked hard to develop a seamless process that guarantees quick
response and certainty of execution for our clients," noted Deborah Proctor,
Assistant Vice President and another member of the Centerline Atlanta team.
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 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.
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Source: Centerline Holding Company (CharterMac) via Thomson Reuters ONE