New York, NY ? November 2, 2012 ? 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 a $4.275 million Fannie Mae Choice loan for the refinance of a multifamily property in Mentor (Lake County), Ohio.
Concord Place Apartments is a 90-unit apartment complex that consists entirely of two-bedroom, two-bathroom units.?? The borrower, Concord Place Apartments Co. LP, developed the property in 1989 and takes a proactive approach to property management and maintenance, resulting in a property in good condition overall.
The loan facility will be used to refinance an existing Centerline Fannie Mae portfolio loan that was in the Centerline portfolio for 20+ years.? Loan terms include an 18-year fixed rate, with a 25-year amortization period.
?The Concord Place Apartments loan is unusual in that carries an 18-year term,? explained Steven Cox, Director, Commercial Real Estate at Centerline.? ?Because the property is in a trust, the borrowers did not want the refinance risk.? The long-term loan with lower amortization was appealing to them because it leaves a low loan balance at the end of the term.
?The property is well maintained and has a current occupancy rate of 100 percent,? continued Cox.? ?These factors, combined with the solid sponsorship and property management made this an attractive deal for Centerline.?
Each unit at Concord Place includes a living room, kitchen/dining room, utility/laundry room, as well as a one-car garage and one-car driveway.? The Centerline team on the deal included Steven Cox and Ian Monk.
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 debt and equity.
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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.?? We offer a range of both debt financing and equity investment products, as well as asset management services 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 137 funds, and invested in over 1,600 assets spanning 47 states. The firm?s multifamily lending platform services more than $11.5 billion in loans. Founded in 1972, Centerline is headquartered in New York City, with 246 employees in ten offices throughout the United States.?? A strategic partner of Island Capital, Centerline is organized around four business units: Affordable Housing Equity, Affordable Housing Debt, Mortgage Banking and Asset Management.? To learn more about Centerline, visit www.centerline.com.
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Certain statements in this document may constitute forward-looking statements within the meaning of the ?safe harbor? provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management?s current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Other risks and uncertainties are detailed in Centerline Holding Company?s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, and include, among others, business limitations caused by adverse changes in real estate and credit markets and general economic and business conditions; our ability to generate new income sources, raise capital for investment funds and maintain business relationships with providers and users of capital; changes in applicable laws and regulations; our tax treatment, the tax treatment of our subsidiaries and the tax treatment of our investments; competition with other companies; risk of loss under mortgage banking loss sharing agreements; and risks associated with providing credit intermediation. Words such as ?anticipates?, ?expects?, ?intends?, ?plans?, ?believes?, ?seeks?, ?estimates? and similar expressions are intended to identify forward-looking statements. Such forward-looking statements speak only as of the date of this document. Centerline Holding Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Centerline Holding Company?s expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.
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