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 $11.625 MM DUS Student Housing facility to Realco Capital Partners for the acquisition of University Suites, a student housing property located in Greenville, North Carolina.
Realco Capital Partners is a New York-based real estate investment and development organization with extensive experience in all facets of real estate investments and development. Founded in 1974, Realco currently owns student housing assets in North Carolina, Texas, Florida, and Louisiana.
University Suites is a garden style student housing facility that consists of a total of 171 units encompassing 503 beds. Property amenities include a clubhouse with kitchen, 2 tanning beds, pool table, lounge area with fireplace and big-screen TV, 24-hour computer lab, and 24-hour fitness center, as well as an outdoor pool, sand volleyball court, and basketball court. The property is located approximately 1 mile south of East Carolina University, and is conveniently situated on the ECU campus bus route providing routine bus service to the University.
The deal was brought to Centerline by Austin, Texas-based GRC Capital, Inc. Commented Nick Gonzalez, President of GRC Capital, "Vic Clark, Colin Cross, and the Centerline Capital team worked tirelessly and seamlessly to deliver a commitment in 23 days and close the deal in 37. Their timely efforts helped my client acquire the project quickly and enabled them to begin influencing the pre-leasing efforts for the coming school year. We look forward to working with Centerline again."
“University Suites is a well located student housing property that draws from students attending East Carolina University,” noted Vic Clark, Managing Director, Originations at Centerline. “We were pleased to partner with GRC Capital to provide Realco Capital Partners the funding they needed to complete their fourth student housing deal. We hope to work with them on future acquisitions as they work to expand their student housing portfolio.”
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.
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 1,600 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 243 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
Certain statements in this document may constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Other risks and uncertainties are detailed in Centerline Holding Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, and include, among others, business limitations caused by adverse changes in real estate and credit markets and general economic and business conditions; our ability to generate new income sources, raise capital for investment funds and maintain business relationships with providers and users of capital; changes in applicable laws and regulations; our tax treatment, the tax treatment of our subsidiaries and the tax treatment of our investments; competition with other companies; risk of loss under mortgage banking loss sharing agreements; and risks associated with providing credit intermediation. Words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements speak only as of the date of this document. Centerline Holding Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Centerline Holding Company's expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.