Centerline Provides $328M to Multifamily Portfolio

Centerline Provides $328M to Multifamily Portfolio

NEW YORK, NY - Centerline Capital Group, a provider of real estate financial and asset management services for affordable and conventional multifamily housing, and a subsidiary of Centerline Holding Company, announced that it has provided a $328 MM Freddie Mac CME structure to finance a portfolio of eight multifamily properties located in the suburban Washington, DC area. The deal represents the largest financing transaction closed this year by Centerline and one of the largest group of loans financed this year by Freddie Mac.

The current owner, DP Portfolio Investors LLC ("DP Portfolio"), a 50/50 joint venture between affiliates of Pantzer Properties and Dune Real Estate Partners (and their respective funds), purchased the portfolio early in 2011.

Jason Pantzer, Co-President of Pantzer Properties said, "Centerline's team did an excellent job on the execution of a large and complex transaction.  Their team was terrific, reasonable, smart and creative."

David Oliner, Managing Director of Dune Real Estate Partners added, "We were very pleased to be able to capitalize on the low interest rate environment and close on a financing that maximizes flexibility for our investment."

Known as "The Point DC Portfolio," the eight properties are located in: Alexandria, Ashburn, Herndon, Leesburg and Manassas, Virginia, and in Gaithersburg and Germantown, Maryland. The eight properties comprise 2,580 units.

"We are delighted with The Point DC Portfolio transaction, our largest deal in 2011. Our mortgage finance professionals have years of real estate experience and are adept at dealing with multiple property portfolios, complicated borrower structures and agency financing. In particular, this portfolio's location, assets and institutional sponsorship were of the highest quality," said William Hyman, Senior Managing Director, and Mortgage Banking Group head.

John Beam, leader of Centerline's Atlanta team that structured the transaction commented, "This was a highly complex transaction with a relatively short period of time to execute from an August rate lock. With the tireless help of the Sponsor, Freddie Mac and a number of Centerline professionals, we were pleased to close on time as promised."

Centerline is one of the nation's leading Mortgage Banking institutions in the multifamily sector. 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 and source for other forms of alternative capital.

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. Centerline offers a range of both debt and equity financing 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 1,300 assets spanning 47 states. The firm's multifamily lending platform services more than $11billion in loans. Founded in 1972, Centerline is headquartered in New York City, with 227 employees in ten offices throughout the United States. A strategic partner of Island Capital, Centerline is organized around four business units: Asset Management, Mortgage Banking, Affordable Housing Equity and Affordable Housing Debt.

Source: Centerline Capital Group / #Finance #Multifamily

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