NEW YORK, NY - Centerline Capital Group is a provider of real estate mortgage services for conventional and affordable multifamily housing, announced today it has closed a $4.0 million Fannie Mae loan to refinance a multifamily property located in Stockton, California.
The property is a 146-unit garden-style apartment complex comprised of 17, two-story buildings. The borrower is a long-term Centerline client that has owned and managed real estate assets for more than 55 years.
''The borrower is an experienced owner and manager of multifamily properties," said Matthew Olrich, Vice President, at Centerline. "The property was built in 1974 and the management team has been very proactive in terms of repairs and capital expenditure projects since purchase. The property is also located in a strong apartment submarket, making this a solid deal for Centerline.”
Centerline's team included Matt Olrich and Richard Olrich, who were instrumental in arranging and closing this transaction.
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 company, provides financing and investing for conventional and affordable multifamily housing throughout the United States. Centerline is organized around two business units: Mortgage Banking and Affordable Housing Debt. 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. Founded in 1972, Centerline is headquartered in New York City, with 210 employees in 13 locations throughout the United States. To learn more about Centerline, visit www.centerline.com