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Centerline Capital Group Finances the Acquisition of a Multifamily Property in Northern Kentucky


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Copyright © Thomson Reuters 2013. All rights reserved.
2013-04-17 14:02:01 -

- Total funding equals $7.2 Million-

New York, NY -April 17, 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 a $7.2 million Fannie Mae loan to
facilitate the acquisition of The Lofts of Prospect Point.

The Lofts of Prospect Point is an older, well-maintained multifamily property
located in Villa Hills, Kentucky, a highly desirable submarket in Northern
Kentucky.  Villa Hills is part of the Covington, Kentucky submarket located in
Kenton County.

Located at 914 High Knoll Court, The Lofts at Prospect Place is a 159-unit
garden apartment community that is comprised of 14 one- and two-story
residential buildings, a leasing office/clubhouse and garage.

"The borrower is highly 
experienced in the industry and local market with more than 40 years of developing, owning, operating and managing commercial real estate," said Joseph Markech, Vice President at Centerline.  "The Lofts of Prospect Point has been very well cared for and was renovated in 2002.  We were pleased to provide this loan to Lofts Investors, a first-time Centerline client, and we hope to partner with them again in the near future." The loan was brokered through BlueMark Capital in Cincinnati. Chip Kupferberg, a Principal Member of BlueMark, said "This was our first deal with Centerline and they met all expectations. Based on their expertise and deliverability, they will be our first call for Fannie Mae DUS business in the future." The buildings were developed between 1976 and 1977.  The unit mix consists of 48 one-bedroom, one-bathroom apartments, 27 two-bedroom, one-bathroom units, 80 two-bedroom, one-and-one-half bathroom apartments, and four two-bedroom, two- bathroom units.  Site amenities include a swimming pool, clubhouse, tennis court, basketball court, storage units, playground, garages and a laundry facility in the lower level of each 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, bridge and CMBS lender, and source for other forms of alternative capital. Centerline is a Fannie Mae DUS lender, Freddie Mac TAH lender, FHA-approved mortgage provider, bridge and CMBS lender, and source for other forms of alternative capital. ### About Centerline Capital Group Centerline Capital Group, a privately held 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 Multifamily Housing.  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.  Centerline is a strategic partner of Island Capital Group, a real estate merchant banking group headquartered in New York. To learn more about Centerline, visit www.centerline.com. ### 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#1693620]


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