2013-02-06 14:55:20 -
- Total funding equals $43.1 million -
New York, NY -February 6, 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 $43.1 million Freddie Mac
loan to facilitate the acquisition of an apartment complex in Houston, Texas.
Villas at Bunker Hill is a 398-unit garden-style apartment complex that is made
up of 10, four-story apartment buildings. Built in 2006, the facility is a
Class A property that is in excellent physical condition with superior
amenities. Although the property does not require immediate repairs, the
borrower plans to make improvements to the clubhouse, fitness center and garage.
The property is well located in an
affluent and growing market with easy access
to downtown Houston. The property also benefits from excellent access to
employment centers, shopping, major thoroughfares and other demand generators.
"This is the fifth transaction Centerline has closed with this borrower, a real
estate investor with solid real estate experience," noted James Kelly, Vice
President, Mortgage Banking at Centerline. "Villas at Bunker Hill is located in
a market with solid real estate fundamentals and strong occupancy rates. These
demographic factors, along with the strong sponsorship, made this an attractive
deal for Centerline."
Property amenities include a 615 space parking garage, three elevators,
clubhouse with Wi-Fi, pool with fountains, lap pool with pool bench and Wi-Fi,
barbeque area, multiple sun decks, courtyard areas with gardens and fountains,
fitness room, activity room and internet café.
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 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