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 provided a $10 MM fixed rate Fannie Mae loan to refinance a multifamily property located in suburban Pittsburgh.
The Brentmoor at Penn Center was purchased by a private investment group at the end of 2008. At the time of purchase, the property had a significant vacancy rate and was in need of a number of capital improvements. Since acquisition the new owner has greatly improved the building by fixing the deferred maintenance and stabilizing the occupancy.
Proceeds from the refinance will be used to repay existing debt and some of the borrower’s initial investment, and to fund additional capital improvements to the property. The loan was closed by a team in Centerline’s Chicago office. Centerline is one of the nation’s leading multifamily mortgage banking institutions.
“The borrower has owned the property for just a few years, but has made great strides in enhancing the facility and greatly improving its cash flow,” noted Adam Klingher, Senior Vice President at Centerline. “These factors, combined with the borrower’s solid track record in the industry, made this an attractive deal for Centerline.”
Barry Pessin, a representative for the owner, commented on partnering with Centerline. “Centerline’s process was thorough, yet easy to navigate. They delivered what they promised quickly – the loan was exactly as initially quoted. It was a pleasure doing business with Centerline.”
Brentmoor at Penn Center is a 12-story high rise building constructed in the early 1970’s. Amenities include a swimming pool and tenant library, fitness center, off street parking, as well as a number of individual parking garages.
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