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 (OTC: CLNH), announced today it provided a $3.5 MM Fannie Mae Affordable Section 8 Housing Assistance Program (HAP) loan for the refinance of a newly rehabbed apartment property.
Macedonia Gardens consists of an 11-building apartment complex located in Camden, NJ. The buildings are clustered among Saunders, Howell, and Mitchell Streets, between North 29th Street and North 30th Street in Camden.
Comprised of a total of 64 homes, the apartments are townhouse style and reflect a mix of two- and three-bedroom units. Built in 1969, the properties recently underwent a substantial rehab that was completed in 2010. The Borrower completed an approximate $40,000/unit rehab at this property and a similar rehab at a sister property, J. Allen Nimmo Apartments, several miles from Macedonia Gardens that was refinanced in 2010 with a HUD 223(f) loan.
“Macedonia Gardens is located in an area of Camden where there is a significant need for affordable housing,” explained Cynthia Hannon, the Centerline originator who closed the deal. “At Centerline, we continuously look to identify affordable housing opportunities that are attractive to our investors and also make a significant impact on the communities where they exist.”
Hannon went on to point out that, “the borrower, Joseph S. Caruso, CEO of Nationwide Housing Management, was born and raised in the Camden area and has great passion for providing affordable housing to his community.” Caruso commented, “The residents of Macedonia Garden were thrilled to get a newly rehabbed living space.
Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider and source for other forms of alternative capital.
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 1,300 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 244 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 www.centerline.com