NEW YORK, NY - The Atlanta office of 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 closed 13 deals in the second half of 2012 providing a total funding of $112.4 million.
The properties financed were for seven borrowers located in seven states, including: Georgia, Maryland, Texas, Mississippi, South Carolina, Florida and California. The deals include:
Georgia
Hunters Run Apartments. Centerline provided a $4.8 million loan for the refinance of Hunters Run Apartments, a multifamily facility located in Augusta, Georgia that includes 176 apartments housed in 11, two-story apartment units.
Waterford Landing Apartments. Located in McDonough, Georgia, Waterford Landing Apartments comprises 260 apartments in 18, two-and three-story apartment buildings. Centerline provided a $12.8 million loan for this acquisition.
Maryland
Apple Hill 1 & 2 and Putty Hill Apartments. Centerline provided $17.5 million in three loans for the refinance of Apple Hill 1 & 2 and Putty Hill Apartments, multifamily facilities located in Nottingham (Baltimore), Maryland that include 524 apartments housed in 44, two-and three-story apartment buildings.
Texas
Villas at Bunker Hill Apartments. Centerline provided a $43.1 million loan for the acquisition of Villas at Bunker Hill Apartments, a multifamily facility located in Houston, Texas that includes 398 mid-rise apartments, with 4 stories of deck parking.
Vanderbilt Lodge Apartments. Vanderbilt Lodge Apartments, a multifamily facility located in Houston, Texas, includes 105 apartments housed in 6, two-and three-story buildings. Centerline provided a $2.0 million loan for this acquisition.
Somerset Apartments. Centerline provided a $7.8 million loan for the acquisition of Somerset Apartments, a multifamily facility in Houston, Texas that comprises 39, two-story apartment buildings with a total of 516 apartments.
Mississippi
Plantation Apartments. Centerline provided an $8.13 million bridge loan for the acquisition of Plantation Apartments, a multifamily facility located in Gulfport, Mississippi. This multifamily complex includes 240 apartments in 10, three-story apartment buildings.
South Carolina
The Timbers Apartments. Centerline provided a $4.3 million loan for the acquisition of The Timbers Apartments, a multifamily facility located in Spartanburg, South Carolina that includes 183 apartments housed in 13, three-story buildings.
Stratford Villas Apartments. Located in Greenville, South Carolina, Stratford Villas Apartments is made up of 100 apartments in 12, two-story apartment buildings. Centerline provided a $1.5 million loan for this acquisition facilitated under the Fannie Mae Small Loan Program.
California
Portofino Apartments. Centerline provided a $9.3 million loan for the acquisition of Portofino Apartments, a multifamily facility located in Pittsburg, California that has 148 apartments housed in 11, two-story buildings.
Florida
Bella Lago Apartments. Centerline provided a $4.0 million loan for the refinance of Bella Lago Apartments, a multifamily facility located in Orlando, Florida that includes 7, two-story apartment buildings with a total of 156 apartments.
“We are pleased with the volume and quality of deals closed during the final months of 2012,” noted John Beam, Managing Director in the Mortgage Banking Group at Centerline. “Last year presented us the opportunity to execute repeat business with long-term borrowers, while achieving broad market penetration in nine major markets. Our team has worked hard to develop a seamless process that guarantees quick, efficient transactions with flawless execution for our clients. The ability to understand market dynamics will serve us well in 2013.”
Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider and source for other forms of debt and equity.
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 137 funds, and invested in over 1,600 assets spanning 47 states. The firm’s multifamily lending platform services more than $11.5 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