NEW YORK, NY - Centerline Capital Group, a provider of real estate financial and asset management services with a focus on affordable and conventional multifamily investing and lending, announced today that it closed Centerline Corporate Partners XXXVIII LP ("CCP 38"), a $119.25-million multi-investor Low-income Housing Tax Credit ("LIHTC") fund. With the closing of CCP 38, Centerline-sponsored LIHTC funds have raised aggregate equity capital in excess of $10 billion since the inception of the LIHTC program in 1986.
Source: Centerline Capital Group
CCP 38 is the first Centerline-managed multi-investor LIHTC fund raised since the company completed its March 2010 restructuring and recapitalization. "On behalf of the entire Company, I am pleased to announce the closing of this new fund. We have an excellent line up of developer and investor partners. And the fund was oversubscribed by nearly 20 percent, showing strong demand for our product and institutional support for Centerline's platform," said Robert L. Levy, President, Chief Operating Officer, and Chief Financial Officer of Centerline. Limited partnership interests in CCP 38 were sold to eight institutional investors; six are repeat Centerline fund investors and two are first-time Centerline fund investors. The fund's $119.25 million in equity proceeds will be used, along with other project-level financing sources, to produce and/or preserve more than 1,300 units of affordable rental housing spread across 16 projects located in 10 states.
"We are very pleased to have closed CCP 38, and we sincerely thank our investor and developer clients for participating in this high-quality investment fund," said Andrew J. Weil, Executive Managing Director of Centerline and head of the Affordable Housing Group. "The closing of CCP 38 demonstrates investor demand exists for quality affordable housing investments offered by strong fund sponsors such as Centerline."
With the closing of CCP 38, Centerline has raised $10,089,308,010 in aggregate tax credit equity across its 136 investment funds since 1986. The company has financed affordable housing in 47 states, Washington DC and Puerto Rico.
Centerline Capital Group, a subsidiary of Centerline Holding Company (OTC: CLNH), provides real estate financial and asset management services, with a focus on affordable and conventional multifamily housing. Centerline is headquartered in New York, New York.