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 financed two neighboring multifamily properties on North California Avenue on Chicago’s Northside. The total commitment equals approximately $6MM. Centerline is one of the nation’s leading Mortgage Banking institutions in the multifamily sector. Year to date, Centerline has financed $675 million in multifamily properties throughout the United States.
The properties are fully leased and located near the thriving Bucktown-Logan Square neighborhoods in the city. The first property, located at 2024 North California Avenue was built in 2010. The $3.2 MM facility provided by Centerline replaced the borrower’s acquisition and construction debt with a long term, permanent, non-recourse loan. This four-story rental property comprises 20 units and includes in-door, off-street parking. The second property is an 18-unit, four-story building with in-door off-street parking on the ground floor, and is located at 2064 North California Avenue. Built in 2008, the $2.65 MM Centerline loan refinanced existing bank debt.
The deal was put into place by Peter Margolin, Senior Vice President, Mortgage Banking Group at Centerline. “Both of the properties are well located, bordering on two highly performing city neighborhoods, and the units are condo-quality apartments which are highly desirable to tenants,” noted Margolin. “In addition, the borrower is a well-known local private developer that has built a number of high performing properties in the local area. These factors made this an attractive deal for Centerline.”
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 227 employees in ten offices throughout the United States. A strategic partner of Island Capital, Centerline is organized around four business units: Asset Management, Mortgage Banking, Affordable Housing Equity and Affordable Housing Debt. For more information visit www.Centerline.com