2013-07-10 14:10:01 -
- Total funding equals $4.7 million -
New York, NY - July 9, 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 completed a two property cash out portfolio
refinance on multifamily properties located in the Uptown neighborhood of
The term of the two Fannie Mae loans is ten-year with a 30-year amortization
the total investment by Centerline is $4.7 million. Both
properties are located in Uptown, the Belmont to Montrose submarket in Chicago.
The neighborhood is primarily comprised of attached multifamily dwellings with
single-family dwellings scattered throughout the area along with small retail
spaces. The immediate area has good access to the local transportation system
and favorable demographics to attract tenants.
The properties include:
* Buena Plaza Apartments. Located at 4363 N. Kenmore Avenue, Buena Vista
Apartments is improved with one, six-story apartment building containing 66
studio units, and one two-bedroom/one-bathroom apartment. The property,
built in 1916, also has two commercial spaces on the first floor that
represents 10.58% of the total rentable area. The loan on this property was
for $3.5 million.
* 4410 Sheridan Apartments. Centerline provided a $1.6 million loan to
refinance 4410 Sheridan Apartments, a three-story apartment building that
houses 12 units. The property includes four one-bedroom/one-bathroom units
and 14 two-bedroom/one-bathroom apartments. The property was constructed in
The Borrower is a single asset, limited liability company that has invested
in significant capital improvements in both properties over the past three
years. Both properties are currently in good condition.
"The borrower has more than 20 years of multifamily ownership and management
experience," said Peter Margolin, senior vice president in the Mortgage Banking
Division at Centerline. "The borrower needed to refinance these properties that
were quickly coming up on their loan maturity dates. We were pleased we were
able to simultaneously deliver on both loans."
Centerline's team, including: Margolin, Carla Keller and Karla Fresnedo were
instrumental in closing these transactions. Gershon Friedman of Meridian
Capital's Chicago office was the broker on the deal.
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