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 refinanced two multifamily facilities located in Georgia. Centerline invested a total of $66.5 million.
The properties are both in excellent condition and include:
Century Park Apartments. Centerline provided a $37.5 million loan to refinance Century Park Apartments, a garden-style multifamily property comprised of seventeen three- and four-story residential apartment buildings, seventeen parking garage/storage buildings, and a clubhouse/leasing office. The property was constructed in 2002 and contains a total of 440 units. The unit mix consists of 122 one-bedroom one-bathroom units, 248 two-bedroom two-bathroom units, and 70 three-bedroom two-bathroom units. Common amenities offered at the property include a swimming pool, tennis court, beach volleyball court, fitness center, playground, and common area laundry facilities in each building. Century Park Apartments is located at 2110 Preston Park Drive in Duluth, Gwinnett County, Georgia.
Century Peachtree Creek Apartments. Centerline also provided a $29 million loan to refinance Century Peachtree Creek Apartments, a garden-style multifamily property comprised of eleven three- and four-story residential apartment buildings, six parking garage buildings, a multi-level parking deck, a mailbox building, and a clubhouse/leasing office. The property was constructed in 2004 and contains a total of 340 units. The unit mix consists of 184 one-bedroom one-bathroom units, 144 two-bedroom two-bathroom units, and 12 three-bedroom two-bathroom units. Common amenities offered at the property include a swimming pool, laundry facility, a fitness center, a business center, and a car wash area. Century Peachtree Creek Apartments is located at 3001 Northeast Expressway in Atlanta, Dekalb County, Georgia.
“The borrower is a new Centerline client; however, they are repeat Agency clients of Fannie Mae and Freddie Mac and have more than twenty-five years of experience developing, owning, operating and managing commercial real estate,” said Vic Clark, Managing Director of Originations at Centerline Capital Group. “Both properties benefit from good visibility and excellent curb appeal that enhance their market competitiveness. These were two solid deals for Centerline.”
The property is managed by Centennial Holding Company, a privately held Atlanta based real estate investment firm that deals in the acquisition, ownership and disposition of multifamily residential properties located throughout the southern United States and operating under the Century brand. CHC is recognized as a leader within the multifamily residential market and has successfully earned a position among the elite firms in the industry.
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 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 Housing Investments. 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. To learn more about Centerline, visit www.centerline.com