NEW YORK, NY - Centerline Capital Group, a provider of real estate mortgage services for affordable and conventional multifamily housing, announced today it has launched a new multifamily bridge loan program. The new bridge loan program provides access to financing for multifamily acquisitions and recapitalizations that do not operate at stabilized levels to support permanent term financing.
“With our new bridge loan program, we will structure financing for multifamily properties that are expected to meet permanent financing criteria within 18 months of closing,” explained Bill Hyman, Senior Managing Director at Centerline. “This is a proprietary Centerline program – Centerline will make all credit decisions, we are now able to fund these loans in-house with the support of the Hunt Companies”.
This is the second of two product launches at Centerline following the November acquisition of the firm by the Hunt Companies. Previously the firm announced the creation of a bridge lending program for seniors housing properties.
Loan amounts under this new multifamily program will range from $5 to $25 million. No minimum economic occupancy rate is required. The program will finance new properties in lease-up or distressed management turnarounds where tenancy needs to be rebuilt. On a case by case basis, value-add plays will be considered. Mr. Hyman added, “In addition, clients can move from bridge to permanent Centerline financing with no exit fee. We are excited to bring this new program to market and look forward to serving customers nationally.”
About Centerline Capital Group
Centerline Capital Group, a real estate finance company, provides financing and investing for conventional and affordable multifamily housing throughout the United States. Centerline is organized around two business units: Mortgage Banking and Affordable Housing Debt. 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 $10.4 billion in loans, of which affordable housing makes up $916 million. Founded in 1972, Centerline is headquartered in New York City, with 159 employees in 13 locations throughout the United States. To learn more about Centerline, visit www.centerline.com