2013-09-30 14:02:01 -
- Total funding equals $7.8 million -
New York, NY - September 30, 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 $7.8 million Freddie Mac mortgage to
refinance Penny Lane Apartments, a cooperative multifamily property located in
Penny Lane Apartments is comprised of 179 units and was converted into a
cooperative in 1987. Located at 215 East 24th Street in New York, the property
consists of a single rectangular-shaped parcel of land, and includes a
subterranean parking garage that has 99 spaces.
"Penny Lane Apartments is located in the section of Manhattan known as Kips Bay.
This is considered to be the area
between East 23rd Street and East 34th Street
extending from Lexington Avenue to the East River," explained Steven Cox,
Director, and head of Centerline's New York mortgage banking production team.
"The surrounding area is residential in character and is built-up predominantly
with low-rise, pre-war tenements and townhouses along with numerous mid and hi-
"The property has a 26-year successful track record operating as a cooperative,
and recent capital improvements include renovations to the rear courtyard,
including: new decking, waterproofing, pavers and wood fencing," added Cox.
"We were pleased to underwrite the refinance of this property as it was a
quality deal for Centerline."
The property is professionally managed by a subsidiary of Gumley Haft Real
Estate Management, a full service real estate organization which offers
residential and commercial property management, sales and leasing, and
consulting and investment advisory services.
The Centerline team that closed the transaction included Cox and Michael Powell
who served as originator.
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
About Centerline Capital Group
Centerline Capital Group, a 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 Housing Investments. 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. To learn more
about Centerline, visit www.centerline.com.
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Source: Centerline Holding Company (CharterMac) via Thomson Reuters ONE