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 (OTC: CLNH), announced today it completed a complex financing transaction totaling $48.6 MM for the acquisition of nine multifamily properties.
The loan proceeds include $35.8 MM of Fannie Mae loans for the acquisition of five multifamily properties in Tampa, Florida and two in Orlando, Florida. The transaction also included bridge financing in the amount of $12.8 MM for two multifamily facilities in Pasadena, Texas. The bridge loan was provided by Centerline’s affiliate, C-III Capital Partners LLC.
Centerline is one of the nation’s leading Mortgage Banking institutions in the multifamily sector. The sponsor is a Southern California-based full-service real estate investment and development firm that specializes in developing and acquiring multifamily, office and retail properties nationwide.
“Our borrower needed to close quickly and the sale was contingent on all properties closing at the same time,” commented Steven Cox, Senior Vice President, Commercial Real Estate at Centerline. “With the help of Fannie Mae and C-III, we were delighted we could turn the facility around rapidly and get the deal completed.”
The acquisition of the seven properties located throughout Tampa and Orlando comprise a combined 1,271-unit multifamily portfolio. The loan terms include a 10-year fixed rate, with a two-and-a-half year interest-only period, and with a 25-year amortization period. The unit breakdown is:
• Tampa, FL (176 Units)
• Bradenton, FL (92 Units)
• Fern Park, FL (352 Units)
• Orlando, FL (184 Units)
• Brandon, FL (125 Units)
• Tampa, FL (212 Units)
The $12.8 MM bridge loan for the two Pasadena, TX assets is for a term of 14 months, through December 31, 2012. The bridge financing for the two multifamily properties in Pasadena, includes:
• Property 1 (468 Units)
• Property 2 (514 Units)
“The borrower has an exemplary track record and reputation in the industry, and has completed more than 81 transactions totaling 2 million square feet. These factors made this an attractive deal for Centerline,” added Cox.”
The deal was brought to Centerline by Neil Bane of Johnson Capital, who provided the equity on the transaction.
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 and source for other forms of alternative capital.
About Centerline Capital Group
Centerline Capital Group, a subsidiary of Centerline Holding Company (OTC: CLNH), provides real estate financing and asset management services, focused on affordable and conventional multifamily housing. Centerline offers a range of both debt and equity financing to developers, owners, and investors. An industry leader, Centerline is structured to originate, underwrite, service, manage, refinance or sell through all phases of an asset’s life cycle. A leading sponsor of Low-Income Housing Tax Credit (LIHTC) funds, Centerline has raised more than $10 billion in equity across 136 funds, and invested in over 1,300 assets spanning 47 states. The firm’s multifamily lending platform services more than $11billion in loans. Founded in 1972, Centerline is headquartered in New York City, with 233 employees in ten offices throughout the United States. A strategic partner of Island Capital, Centerline is organized around four business units: Mortgage Banking, Affordable Housing Equity, Asset Management and Affordable Housing Debt. For more information visit www.Centerline.com