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 has provided an $18.5 MM Fannie Mae facility to refinance the Forest Acres of Haverhill Apartments located in Haverhill, Massachusetts.
Centerline is one of the nation’s leading mortgage banking institutions in the multifamily sector, known for its sophisticated knowledge of affordable and conventional finance products as well as speed and ease of execution. The loan is a 10-year fixed rate facility with 9.5 years yield maintenance and a 30-year amortization period. The Property is a 410-unit garden apartment property consisting of 46 two- and three-story residential buildings.
“Forest Acres of Haverhill Apartments is well located, as part of the greater Boston Area and Boston-Cambridge-Quincy MSA, all well performing local neighborhoods,” noted Steven Cox, Senior Vice President in the Mortgage Banking Group at Centerline. “The property is well maintained, enjoys good curb appeal and is currently 95% occupied, making this a solid deal for Centerline.”
The Mortgage Banking Group at Centerline provides a broad array of mortgage financing options for conventional multifamily property owners 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