2013-01-21 14:03:03 -
- Total funding equals $53 million -
New York, NY - January 21, 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 $53 million to refinance
two apartment facilities located in Long Island, New York. The properties
* Fairfield Village at Commack. Centerline provided a $35 million loan to
refinance Fairfield Village at Commack, a multifamily facility that includes
256 units housed in 16 two-story apartment units. The unit mix includes
128 one-bedroom apartments and 128 two-bedroom units. The property also has
approximately 248 open
parking spaces, and a detached garage which has space
for 47 cars.
Property amenities include a clubhouse with a fitness center, banquet room
(with billiards), kitchen, and lounge, as well as a playground area and common
area laundry facility for tenants. The property was built in 1968, and is in
excellent condition, with unit interiors consistently upgraded every three
* Fairfield at Babylon. Fairfield at Babylon consists of six two-story
residential buildings that include a total of 158 apartments, all of which
are two-bedroom units that cater to adult living and have their own
individual entrance. The property was built in 1966 and Centerline provided
a loan in the amount of $18 million for the refinance.
The property is improved with a clubhouse building that contains a leasing
office, laundry and fitness rooms, and a banquet room (with billiards). The
clubhouse was constructed in 2004 and the property also has 170 open parking
Proceeds from the loan will be used to pay-off the existing financing and
provide funds for working capital. The property is currently being managed by
Fairfield Properties, one of the largest owners/managers in Long Island, NY, for
a non-related family trust.
"Both Fairfield at Babylon and Fairfield Village at Commack benefit from
historically low vacancy rates and a stable occupancy," commented George G.
Haase, Director at Centerline Capital Group.
"In addition, the Long Island area is a stable submarket that is close in
proximity to major, steady employment sources from New York City and Nassau
County, and market conditions in the area are expected to continue to perform
Both Fannie Mae fixed rate loans were locked in at 4.10% rate, for a 55% loan-
to-value, 20-year term, and a 30-year amortization schedule. The Fannie Mae DUS
program also allows borrowers the option to obtain supplemental financing during
the term of the loan.
"This was a solid deal for Centerline," added Haase. "We were pleased at
efficiency with which this deal came together and that we were able to meet the
ongoing needs of the borrower."
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 www.centerline.com.
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Source: Centerline Holding Company (CharterMac) via Thomson Reuters ONE