2013-08-23 02:02:01 -
- Total funding equals $17.3 Million-
New York, NY - August 22, 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 $17.3 million Freddie Mac CME loan to
facilitate the acquisition of a student housing property in Denton, Texas.
Midtown Denton Apartments is a 120-unit student housing complex that was built
in 2011 and 2012. The property enjoys a strategic location within the Dallas/Ft.
Worth metroplex in the well-performing submarket of Denton, near the University
of North Texas.
"The new property owner plans to improve the amenity package and provide
professional management," commented Yogesh Joshi, Senior Vice President, at
Centerline Capital Group. "These changes, combined with
a highly focused
customer service oriented management and cost reductions are expected to result
in sustained strong operations on-site."
This acquisition transaction was financed with Freddie Mac CME fixed rate 7 year
loan with 1 year of interest only followed by a 30-year amortization.
Centerline closed the transaction within 50 days from the receipt of loan
application. "The deal came together quickly as the result of solid teamwork
between Centerline, Freddie Mac and a highly experienced borrower," added Joshi.
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