2013-01-18 05:52:09 -
- Total funding equals $4 million -
New York, NY -January 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 (OTC: CLNH), announced today it has provided a $4 million Freddie Mac
Early Rate-Lock loan to refinance 55 Hudson Street, a cooperative multifamily
property located in the Tribeca section of New York City.
This deal was the first transaction funded through Freddie Mac's new Cooperative
Early Rate Lock Program. The loan is secured by 55 Hudson Street, a 10 story,
34-unit luxury cooperative building that was incorporated in 1980 and is 100%
sold.
"We were thrilled to be the first lender to close a loan through Freddie's new
Early Rate Lock Co-Op pilot program," said Steven Cox, Director, and head of
Centerline's New York mortgage banking production team. "The property is well
located in the Tribeca submarket of Manhattan, and is well-served by a quality
public school system, as well as excellent overall access to public amenities
including transportation, retail, personal services, schools, hospitals, parks,
and recreational facilities."
The property was originally constructed as commercial warehouse in 1890 and was
converted to residential usage in the early 1980s. The subject has also received
ongoing repairs since converting to cooperative ownership.
The borrower is Tribeca Owners Corp., a single-purpose, New York State entity,
whose primary purpose is to manage the operations of the property and to
maintain, preserve and protect the common areas. The property is professionally
managed by Cooper Square Realty, Inc., a full service real estate organization
that offers residential and commercial property management, sales and leasing,
consulting and investment advisory services.
"The conservative nature of a co-op allows for a streamlined execution by
Freddie Mac and enables borrowers to lock interest rates within 72 hours of a
package submission to Freddie Mac," continued Cox. "We were pleased to provide
a quick turnaround allowing the Cooperative to execute and close promptly."
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 capital.
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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
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