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, announced today it has provided a $6 million Fannie Mae DUS mortgage to refinance 2339 Hudson Terrace, a cooperative multifamily property located in Fort Lee, New Jersey.
The loan proceeds will be used to pay off an existing Fannie Mae first mortgage and to fund an ongoing capital improvement program including roof replacements and additions to common area amenities.
Built in 1951, 2339 Hudson Terrace is comprised of 223 apartment units housed in three, six-story buildings. The buildings are directly accessed by a circular driveway that leads to the rear parking lot. The unit mix is 25 studio apartments, 100 one-bedroom one-bathroom units, and 98 two-bedroom one-bathroom units. On-site parking includes 220 open parking spaces and 20 spaces provided in under-building garage bays.
The proposed loan term is ten years, with principal amortizing over a 30-year schedule.
“Hudson Terrace is located in Fort Lee, NJ, a very strong residential market with excellent access to public transportation and employment centers,” said Josh Messier, Vice President Mortgage Banking at Centerline Capital Group. “The local area is expected to continue to grow and the property has operated successfully as a cooperative for 29 years. These factors, combined with solid deal sponsorship and previous Fannie Mae experience made the cooperative an ideal candidate for a Fannie Mae execution.”
The property is 100% sold and the borrower is the cooperative corporation known as 2339 Hudson Terrace Corporation, a New Jersey Corporation. The property benefits from excellent access to public transportation and employment centers in Manhattan.
The property is professionally managed by Foremost Management Corporation, a Palisades Park-New Jersey based residential and commercial management firm. Foremost provides services to more than 40 condominiums and cooperatives associations throughout Northern NJ, consisting of more 1,800 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, bridge and CMBS lender, and source for other forms of alternative capital.
About Centerline Capital Group
Centerline Capital Group, a privately held real estate finance and asset management company provides financing, investing and asset management services for affordable and conventional multifamily housing throughout the United States. Centerline is organized around three business units: Mortgage Banking, Affordable Housing Debt and Affordable Multifamily Housing. Under the Mortgage Banking and Affordable Housing Debt businesses, Centerline partners with developers, owners, and investors to provide them with capital to develop, acquire or redevelop their real estate assets. Centerline’s core debt products consist of Fannie Mae, Freddie Mac, or HUD/FHA financing. In addition, through several strategic alliances, Centerline offers various CMBS executions for multifamily and other commercial properties, bridge loans and select joint venture equity products. Today the firm’s lending platform manages and services more than $12.2 billion in loans, of which affordable housing makes up $3.1 billion. A leading sponsor of Low-Income Housing Tax Credit (LIHTC) funds, Centerline’s third business focuses on identifying and investing in affordable housing properties and managing those assets as a fiduciary for the fund investors throughout the asset’s and fund’s lives. Since inception, the firm has raised more than $10 billion in equity across 137 funds, and invested in over 1,600 assets spanning 47 states. Founded in 1972, Centerline is headquartered in New York City, with 221 employees in fourteen locations throughout the United States. Centerline is a strategic partner of Island Capital Group, a real estate merchant banking group headquartered in New York. To learn more about Centerline, visit www.centerline.com