2012-10-10 14:29:14 -
- Total funding equals $5.2 Million-
New York, NY -October 10, 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 provided a $5.2 million Fannie Mae
fixed rate loan to facilitate the acquisition of the Lunt Apartments in Chicago,
The property is located in the Rogers Park neighborhood of Chicago's north side,
approximately 8.5 miles north of the Chicago central business district. The Lunt
Apartments consists of two, non-contiguous mid-rise apartment buildings that are
located across the street from one another on Lunt Avenue. The property is
comprised of a total of 110 units. The first building is a 54-unit, four-story
building that was constructed
in 1930. The second facility was built in 1932 and
is a six-story building with 56 apartments.
Both buildings are currently 100% occupied and the borrower is Ansonia
Properties, LLC. Centerline was able to meet tight purchase timeframes, closing
the loan in 47 days.
"The Lunt Apartments is well located in Rogers Park, one of the most diverse
neighborhoods in Chicago in terms of age, income, and ethnicity," noted Adam
Klingher, Senior Vice President at Centerline. "Several major roads provide
access to the neighborhood, and multiple near-by options for public
transportation provide residents easy access to the "Loop," Chicago's central
business district, as well as local parks, beaches and shopping areas."
The neighborhood is also greatly influenced by the presence of Loyola University
which is located in Rogers Park. Loyola's lakeshore campus serves as the main
residential undergraduate campus with more than 3,200 students. In addition,
Rogers Park has over 30 beaches and parks.
"The area has enormous draw. There are constantly new renovation and
rehabilitation projects going on in the neighborhood, and the Rogers Park
submarket enjoys a vacancy rate under 5 percent," continued Klingher, Senior
Vice President at Centerline. "These factors, combined with the borrower's
solid track record in the industry, made this an attractive deal for
"Centerline, specifically Adam, exceeded our expectations, effectively managing
timing, third party vendors and structure. We look forward to working with them
in the near future," commented Barclay Welsh, principal at Ansonia Properties.
The loan was closed by a team in Centerline's Chicago office. 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.
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.
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Source: Centerline Holding Company (CharterMac) via Thomson Reuters ONE