2013-01-29 15:10:40 -
- Total funding equals $4.05 million-
New York, NY - January 29, 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 $4.05 million FNMA
Affordable Preservation loan facility to refinance a senior housing property
located in Stoughton, Wisconsin.
The property, Rosewood Apartments, is an age-restricted, garden-style affordable
housing complex that includes a total of 90 units housed in two connected three-
story buildings. At closing, the property was
outside of the 15-year tax credit
compliance period, but within the 15-year extended use compliance period.
Portions of the proceeds from the cash out refinancing will be used to pay off
existing hard debt and unsecured debt held by Centerline Capital Group.
The borrower is Stoughton Senior Housing Limited Partnership, led by Lyndon
Jackson and Charles W. Giesen, well-known local real estate owners and investors
with more than 30 years of experience.
"The loan facility we put into place for Rosewood Apartments taps Fannie Mae's
extended rate lock program which allowed the borrower to minimize rate risk
while waiting for the end of the current prepayment structure," explained
Suzanne Cope, SVP of Debt Originations at Centerline Capital Group. "Our team
worked quickly to identify the best loan program for the borrower. The borrower
was thrilled that we were able to push proceeds with a strong appraisal and
ended up closing on higher proceeds than promised at application."
"The collaboration and teamwork exhibited by the Centerline team and Fannie Mae
enabled a quick loan closing with certainty of execution," noted Jackson. "We
were very pleased with the end result and look forward to partnering with
Centerline again in the near future."
Rosewood Apartments is located approximately 16 miles southeast of Madison,
Wisconsin. Property amenities include 64 underground parking spaces and 30 open
surface parking spaces, including 3 handicap spaces, six laundry facilities, a
large community room with fireplace, business center and complete kitchen,
library and central mailbox.
"Our deal team worked closely with the borrower and Fannie Mae to create a loan
structure that worked for all parties. We were delighted to see the deal come
together," added Cope.
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