Centerline Refinances Multifamily Facility in Texas

NEW YORK, NY - 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 a small balance multi-family loan to complete a rate and term refinance on Chivas West, a multifamily property located in Irving, Texas.

Chivas West is a garden style multifamily facility that comprises 6 two-story buildings with a total of 72 units.  The loan facility – a tier 2 Fannie Mae loan – is a 10-year fixed rate facility with a 30-year amortization period. The proceeds of the loan will be used to refinance the existing debt, and lock in low-rate, long-term financing.

Centerline is one of the nation’s leading Mortgage Banking institutions in the multifamily sector.  Its Small Loan Group, which is housed within the Mortgage Banking unit, provides loans between $1 and $5 million, with an average loan size of $1.8 million.   

The borrower, Trassatts Corporation, purchased the property in 2010.  Since acquisition, the owner has spent approximately $46,000 on various improvements and replacements including landscaping, exterior painting, HVAC replacements, as well as a variety of interior improvements.

“Chivas West is in good condition, has good visibility, and is located within the stable Dallas-Fort Worth area,” commented Charlie Cole, Regional Director in the Small Loan Group at Centerline.  “In addition, the borrower has a solid track record in real estate investment and management and recently increased average occupancy at the property to 97%.  These factors made this an attractive deal for Centerline.”

The Centerline deal team consisted of Marissa Whiteside, Roger Lopez and Vanessa Howes.
The property consists of one rectangular-shaped parcel of land totaling approximately 2.866 acres.  The unit mix includes 24 one bedroom/one-bath units, 47 two-bedroom/two-bath units, and one three-bedroom/two-bath unit.  Property parking consists of 144 open spaces.

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 136 funds, and invested in over 1,600 assets spanning 47 states. The firm’s multifamily lending platform services more than $11 billion in loans. Founded in 1972, Centerline is headquartered in New York City, with 243 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

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