2013-02-19 14:01:47 -
Centerline Capital Group Refinances Three Multifamily Properties in Wisconsin
- Total funding equals $15.5 million -
New York, NY - February 18, 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 three Fannie Mae loans that
total $15.5 million to refinance three multifamily properties in Wisconsin - two
in Pewaukee, and one in Waukesha.
The borrower on all three deals was the Reilly-Joseph Company, a privately owned
and operated apartment development firm that was established in 1972. To date
the Reilly-Joseph Company
has developed approximately 2,000 units of which they
still own and operate 1,600. The company operates apartment complexes in the
communities of Menomonee Falls, New Berlin, Pewaukee and Waukesha, Wisconsin.
The properties include:
* Hunters Ridge Apartments - Phase I & II. Located in Pewaukee, Centerline
provided a $6 million Fannie Mae loan to refinance Hunters Ridge Apartments,
a 130-unit garden apartment community that includes 15 two- and three-story
brick apartment buildings, one clubhouse and one maintenance/pool house
Hunters Ridge was developed in two phases between 1989 and 1991. The unit mix
consists of 20 two-bedroom, one and a half bath townhomes, 46 two-bedroom, two
and a half bathroom townhomes, 32 two-bedroom, two bathroom and 32 two-bedroom,
two-bathroom and den units. Site amenities include a swimming pool and fitness
* Hunters Ridge III. Hunters Ridge III is a garden apartment community, also
located in Pewaukee, for which Centerline provided a Fannie Mae loan
facility in the amount of $3 million. The complex includes five two- and
three-story brick apartment buildings containing 76 units.
Developed in 1991, the unit mix consists of 22 two-bedroom, two and a half
bath townhomes, 18 two-bedroom, two-bathroom lofts and 36 two-bedroom, two-
bathroom garden units. Property amenities include a clubhouse/leasing office,
swimming pool and fitness center.
* Stone Creek. Centerline provided a $6.4 million Fannie Mae loan to
refinance Stone Creek, a multifamily facility located in Waukesha. The
property, a garden style apartment complex, comprises 138 units in 9 two-
and three-story residential buildings. Built in 1997, the property consists
entirely of two-bedroom, two-bathroom apartments and a total of 308 parking
Property amenities include a clubhouse/leasing office, fitness center, laundry
facilities, swimming pool and a playground.
"The borrower is a new Centerline client that has more than 30 years of
experience developing, owning and managing multifamily real estate," commented
Adam Klingher, Senior Vice President at Centerline. "The proceeds from all
three loans were used to pay off existing loans and simultaneously put into
place long-term interest-only facilities that enabled the borrower to get the
maximum cash flow from the properties."
"We were pleased these loans came together so well and were able to deliver on
each of these financings simultaneously," concluded Klingher.
Centerline's team, including: Klingher and Brooke Jackson were instrumental in
the arranging and closing of these three transactions.
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 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