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Centerline Capital Group Refinances an Affordable Housing Property in Claremont, California


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Copyright © Thomson Reuters 2013. All rights reserved.
2013-01-16 17:04:16 -

- Total funding equals $11 million-
  New York, NY - January 16, 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 an $11 million FNMA
    Affordable Preservation loan facility to refinance Claremont Villas, an
         affordable housing property located in Claremont, California.

Claremont Villas is a garden-style affordable housing multifamily facility
comprised of five, three-story buildings and a clubhouse, that includes a total
of 154 units.  The property was built in 1994 and was originally financed
through a syndication of Low-Income Housing 
Tax Credits.  At closing, the property was outside of the 15-year tax credit compliance period, but within the 55-year compliance period.  Proceeds from the loan will be used to pay off existing debt. "The borrowers came to Centerline when the underwriting process with another lender stalled," noted Philip Melton, Senior Managing Director in the Affordable Housing Debt division at Centerline Capital Group.  "We were able to screen the proposed loan and identify specific items that would require Fannie Mae Waivers and approval, and within the first two weeks, Centerline underwriters had visited the asset and were able to complete the Fannie Mae delegate underwriting quickly." The borrower is SP Investments Inc., which is owned by Paul H. Pfleger, and is one of three entities that comprise Security Properties (SP).  SP is a privately owned real estate investment, development and management company focused on multifamily residential properties. Since its formation in 1969, SP and its partners have invested over $1 billion of equity in multifamily residential real estate, representing a portfolio value in excess of $3 billion. "Centerline demonstrated a high level of competence in this rather complicated, income-restricted housing refinance, enabling Security Properties to outperform its original execution," added Ilya Gamel, Director of Security Properties' Affordable Housing Group. "Claremont Villas is located in Los Angeles County, in a strong multifamily market with rents that are below the market average which provided a great upside to our client," commented Suzanne Cope, SVP of Debt Originations at Centerline Capital Group.  "Our team worked quickly to secure proper financing for the borrower - a successful local owner-operator.  We were pleased to see this deal go from app to close in just over 50 days." The property is professionally managed by Madrona Ridge Residential, a Security Properties-affiliated property management firm that manages 5,500 units. Parking at Claremont Villas is provided by a total of 118 surface spaces, including 8 ADA spaces.  Property amenities include a two-story clubhouse, laundry room, lounge area, community room, outdoor swimming pool, barbeque area, spa, recreation area and controlled access. 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. This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Centerline Holding Company (CharterMac) via Thomson Reuters ONE [HUG#1670983]


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