2013-07-16 16:48:01 -
- Total funding equals $18 million -
New York, NY - July 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, announced today it has refinance four multifamily properties located in
Brooklyn, New York.
All four of the Fannie Mae loans carry ten-year terms with 30-year amortization
schedules and the total investment by Centerline is $18 million.
The properties are located in the Williamsburg/East Williamsburg neighborhood of
Brooklyn, which is in northern Brooklyn immediately across the East River from
the East Village (East Greenwich Village) and the Lower East Side in Manhattan.
Often seen as an extension of the Lower East Side/East Village art scene,
Williamsburg's population includes a mixture of
young professionals and artists
attracted to the area because of its atmosphere and convenient access to
The borrower on all four deals is a New York limited liability company, and
three of the four properties were refinanced for the same sponsor. The
properties are all in very good condition and include:
* 58 Bushwick Avenue Apartments. 58 Bushwick Avenue Apartments is an eight-
story, elevator building that contains a total of 23 units. The property
was built in 2012 and consists of 3 unit types, including two studios, 16
one-bedroom units and five two-bedroom apartments. Common amenities include
a gym, a bicycle storage room, and a landscaped backyard. Centerline
provided $7.65 million to refinance this property.
* 211 South 1st Street Apartments. Centerline provided a $3.34 million loan to
refinance 211 South 1st Street Apartments, a five-story residential walk up
building that comprises a total of eight units, plus a basement. The
property was built in 2009 and consists of seven distinct floor plans
including one-bedroom units, a studio duplex (two-story townhouse), and a
one-bedroom duplex unit. Parking is not furnished onsite but is available
on a limited basis on the adjacent street.
* 161 Maujer Street Apartments. A four-story residential walk up building
with a basement, 161 Maujer Street Apartments is comprised of eight units
and was built in 1920. Completely renovated in 2012, the property consists
of two floor plans, a two-bedroom duplex (two-story townhouse) unit, and a
three-bedroom unit. Parking is not furnished onsite but is available on a
limited basis on the adjacent street. Centerline provided a $3 million loan
facility to refinance this property.
* 128 Scholes Street Apartments. Centerline also provided a $3 million loan to
refinance 128 Scholes Street Apartments. The property is improved with a
five-story residential walk up building and basement that houses eight
units. The property was built in 2008 but was only partially completed
until the sponsor purchased it in January 2012 and completed construction.
The facility consists of three floor plans, ranging from a one-bedroom unit
to a one-bedroom duplex (two-story townhouse) unit, to a two-bedroom duplex
unit. Parking is not furnished onsite but is available on a limited basis
on the adjacent street.
"The two borrowers served by this deal are successful, local commercial real
estate investors and the properties are well-located in a vibrant Brooklyn
neighborhood that benefits from excellent access to public transportation and
employment centers," said Josh Messier, Vice President Mortgage Banking at
Centerline Capital Group. "In addition, the area and has experienced tremendous
growth over the past 18 months and rental demand is expected to remain strong
for the foreseeable future. These factors, combined with solid deal sponsorship
made these transactions ideal candidates for a Fannie Mae execution." The loan
was brokered by Leo Schwimmer from United Commercial Group.
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