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 $45.2 MM Fannie Mae affordable MBS facility to refinance four multifamily properties in Harlem New York.
The four properties, which comprise a total of 388 apartment units, are located throughout the Harlem neighborhood of New York City. The facilities are all mid-rise buildings that were built between 1920 and 1984, and each has Section 8 HAP contracts covering 99% of the units. The loans all carry similar terms: 75% loan-to-value, 1.20 debt service coverage, with a 10-year term and 35-year amortization.
The borrower is a Manhattan-based leading privately held real estate investment, development and management firm. The firm owns and operates approximately 2,400 apartment units throughout New York city, most of which receive some sort of rental assistance and provide affordable housing to their tenants. In addition, the firm presently owns more than four million square feet of prime office, residential and retail properties, primarily in Manhattan.
“The principals have a proven track record in affecting positive change in residential neighborhoods,” commented Philip Melton, Senior Managing Director, Affordable Housing Debt Products Originations at Centerline Capital Group. “Their extensive experience, broad knowledge and expertise in developing, financing and managing real estate in New York, especially in the Harlem market, combined with the deal’s solid real estate fundamentals, made this a highly attractive deal for Centerline.”
Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider and source for other forms of traditional and 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. 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 233 employees in ten offices throughout the United States. A strategic partner of Island Capital, Centerline is organized around four business units: Mortgage Banking, Affordable Housing Equity, Asset Management and Affordable Housing Debt. For more information visit www.Centerline.com