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 supplemental financing of up to $718,000 for Pacific Coast Villas Apartments, a multifamily property located in Long Beach, California.
The loan – a Fannie Mae refinance of a coterminous DUS supplemental loan – will provide the proceeds needed to purchase additional multifamily assets.
Pacific Coast Villas Apartments comprises 6, two-story buildings that consists of 50 units, including 12 one-bed, one-bath units, 24 two-bed, one-bath units, 8 three-bed, one-and a half-bath units, and 6 four-bed, one-and-a-half-bath units. The borrower is Preston IV LLC, a California Limited Liability Company.
“Pacific Coast Villas has been very well managed and has consistently exhibited occupancy rates at or above 96%,” commented Bryan Cullen, Director, at Centerline Capital Group. “The property is also well-located in the stable Long Beach, California market, making this a solid deal for Centerline.”
Pacific Coast Villas is located in the southwestern section of Long Beach, in the commercial district on Pacific Coast Highway, one of the main and best-known commercial arterials in metro Los Angeles and Southern California, and is just east of Atlantic Avenue, also a major arterial. Development on Pacific Coast Highway is predominantly commercial, including strip centers, storefront retail buildings and office buildings.
“Getting the supplemental loan was important to me, and Centerline worked with me to produce a loan that worked for both us. This will facilitate new apartment acquisitions for which I intend to use Centerline again," said Gordon Reese, the sponsor of the borrowing entity.
The property is professionally managed by The John Stewart Company. They have 1,000 employees in five offices across California, and their management portfolio includes over 350 properties and 20,000 units.
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. 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.