NEW YORK, NY - Centerline Capital Group, a provider of real estate mortgage services for affordable and conventional multifamily housing, announced today it has launched a new national healthcare lending platform. The new platform will actively fund loans for the acquisition, new construction and sub-rehab of community based residential care facilities, assisted living and memory care facilities, nursing homes and special use healthcare properties.
The effort will be formed under Centerline’s FHA Group led by Philip Melton, Senior Managing Director at Centerline Capital Group. James F. Boris, Director FHA Loan Production at Centerline Capital Group, will be responsible for driving new originations for the platform.
“Our new healthcare lending program will enable us to extend our services to customers that are active in multiple disciplines in the healthcare arena and expand the financing capabilities of Centerline. We are pleased to bring this new program to market and look forward to serving new customers nationwide. We are fortunate to have a seasoned professional in Jim Boris to lead our origination efforts,” commented Melton.
Boris added, “The program will benefit the sector by providing low fixed rate, construction, acquisition, or refinancing alternatives for long-term fully amortizing, non-recourse financing. This will be coupled with shorter term proprietary bridge options for developers seeking flexibility prior to locking in long term financing.”
The healthcare lending platform will include three new loan structures, including Centerline Bridge Loans, HUD Section 223f/232 Acquisition & Refinance Loans, and HUD Section 232 New Construction & Sub Rehab Loans. Applicable to investors nationwide, the financing structures offer:
» Highly leveraged 80% to 95% loan-to-cost ratios.
» Low fixed interest rates (currently as low as 4.10%).
» 35- and 40-year fully amortizing loans.
» No rent control restrictions.
» No limitation on owner returns.
» Non-recourse and assumable.
The Centerline Bridge Loan Program provides timely funding for quick acquisitions and repositioning of healthcare facilities that otherwise may not qualify for our HUD–Insured Permanent Financing.
“We are pleased to bring this new program to market and look forward to serving new customers nationwide,” added Boris.
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