Free Submission Public Relations &
Deutsch English


Centerline Capital Group Finances the Acquisition of a Multifamily Property in Denver, Colorado

Print article Print article
Copyright © Thomson Reuters 2013. All rights reserved.
2013-01-24 17:29:52 -

- Third acquisition with local sponsor; total funding equals $33 million-

New York, NY - January 24, 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 $33 million loan for the
acquisition of Spyglass Hill Apartments, a multifamily property located in
Denver, Colorado. The transaction is a Fannie Mae market rate loan that will
finance the acquisition of the property at a purchase price of $40 million.

Located at 7100 East Mississippi Avenue, Spyglass Hill Apartments is a garden-
style multifamily complex that includes a total of 573 units housed in 31 two-
and three-story residential buildings and a single-story leasing office building
single-story clubhouse. The borrower is Spyglass 7100 LLC, a newly formed Colorado limited liability company that is an affiliate of  BMC Investments, whose CEO is Matthew Joblon. "BMC is an active investor in the local market with a solid track record for closing very quickly on deals and significantly improving asset quality upon acquisition," said Suzanne Cope, SVP of Debt Originations at Centerline Capital Group. "Centerline has had great success partnering with this sponsor, having closed several deals together in 2012 and has great confidence in this deal. We were all thrilled to execute this Fannie Large Loan in only 28 days from start to finish." "We had a small window to close this transaction and knew we could count on Centerline to execute in the extraordinarily tight timeframe. They created true value for BMC in the transaction because of their ability to underwrite, understand and ultimately execute on the deal in the allotted timeframe - this secured the deal for us," noted Joblon. "As we execute on our internal goal of creating significant scale both locally and in other states, we will continue to grow our relationship with Centerline." The Denver market continues to improve as is indicated by its low 3.68% overall vacancy rate and is forecast to continue to improve as there are currently no plans to increase multifamily inventory in the immediate area.  Spyglass Hill Apartments is currently 94% occupied. The unit mix includes 281 one-bedroom, one-bathroom units, and 292 two-bedroom, one-bathroom apartments.  The property also includes 996 surface asphalt parking spaces. 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 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 About BMC Investments BMC Investments, LLC ("BMC") is a real estate investment company specializing in the development, acquisition, redevelopment and, ultimately, disposition of multifamily properties throughout the United States. BMC currently owns and manages over 1,800 units and is in the process of developing a 234-unit Class-A apartment building in Cherry Creek. BMC has proven its ability to identify and execute on hidden value in a multifamily property, source off-market opportunities, successfully navigate complex transactions, and deliver strong risk-adjusted returns. Based in Denver, CO, BMC strives for industry best practices through disciplined acquisition standards and a fully integrated investment and asset management platform, together with its property management affiliate, BLDG Management Co. For more information visit ### This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Centerline Holding Company (CharterMac) via Thomson Reuters ONE [HUG#1673065]

Press Information:

Contact Person:

Disclaimer: © 2014 Thomson Reuters. The press releases or report contained herein is protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Thomson Reuters's, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. All reproduction, other than for an individual user's personal reference, is prohibited without prior written permission.
Latest News
Read the Latest News


Terms & Conditions | Privacy | About us | Contact | BidVertiser