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 nine conventional Freddie Mac loans that total nearly $44 million to enable the acquisition of nine multifamily properties located in Houston and Dallas.
The properties include 2,150 units built in the 1980’s renovated in 2005. In Dallas the apartment facilities are Cedarbrook, Park on Rosemeade, Shadow Creek, The Pinnacle and Westwood Village. The Houston apartments include Crystal Bay, Savoy Manor, Southpoint and Wolf Creek.
“We were extremely pleased that these loans came together so well and were able to deliver on each of these financings simultaneously on the desired date through floating rate financing,” commented John Beam, Managing Director in the Mortgage Banking Group at Centerline Capital Group’s Atlanta office. “The loans were provided to the same borrower, a repeat Centerline customer that is a well-known, seasoned real estate investor with a solid track record for success. This relationship continues to be one of Centerline’s largest.”
“Centerline effectively closed a three-property portfolio in Texas and Virginia for the same borrower earlier this year,” added Keith Morris, Vice President, Mortgage Banking at Centerline.
“Our team has worked hard to develop a seamless process that guarantees quick response and certainty of execution for our clients,” noted Deborah Proctor, Assistant Vice President and another member of the Centerline Atlanta team.
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 debt and equity.
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