2013-03-06 15:42:10 -
- Total funding equals $7.75 million-
New York, NY - March 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 $7.75 million Fannie Mae
first lien mortgage to refinance the Derby Run Apartments, a multifamily
facility located in Hampton, Virginia.
Located at 6 Derby Drive, Derby Run Apartments is an affordable property that
consists of 160 garden-style apartments housed in 14 buildings. Built in 1994,
the buildings are two- and three-story walk-up, with brick and vinyl siding and
pitched asphalt roofs. The property also includes a single-story clubhouse,
outdoor pool and leasing office.
Derby Run Apartments is a phased asset. Phase I has street frontage and sits
directly in front of Phase II, which holds all of the amenities including the
pool and clubhouse.There is a Declaration of Cross Easement Agreement between
the phases, which allows tenants, guests, etc. passage across Phase I in order
to access Phase II.
The borrower is Derby Run Associates, L.P., and the key Principals/Guarantors
for this transaction are Ronald C. Ripley, F. Scott Ripley and F. Andrew
Heatwole.
"The sponsors of this deal are repeat Centerline customers with solid real
estate experience and well performing multifamily and commercial real estate
portfolios. Combined, the Guarantors have over 100 years of real estate
experience," noted Suzanne Cope, SVP of Debt Originations at Centerline Capital
Group. "In addition, Derby Run Apartments is a well-maintained multifamily
property with a very high average occupancy rate of 94%. These factors, combined
with deal's solid real estate fundamentals, and the borrower's relationship with
Centerline made this a solid deal for Centerline."
The City of Hampton is located approximately 77 miles southeast of Richmond,
Virginia, 180 miles southeast of Washington, D.C. and 200 miles northeast of
Raleigh, North Carolina. Hampton is an independent city and the sixth most
populous city in Virginia. In addition, Derby Run Apartments is located in a
mixed use neighborhood with well-maintained adjacent properties and easy access
to major roadways and employment centers.
Additional property amenities include a playground, community room, central
laundry facility and a total of 338 surface parking spaces.
Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved
mortgage provider and source for other forms of debt and equity.
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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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