- Total funding equals $3 Million -
New York, NY -October 9, 2013 -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, announced today it has closed a Fannie Mae Choice loan in the amount of $3 million to refinance Woodman Oaks Apartments. The property is located in Sherman Oaks, California.
Woodman Oak Apartments was built in 1976 by the borrower - a California limited partnership. The loan terms include a 10-year term, 30-year amortization period, and a 9.5 year yield maintenance period.
The property is comprised of one, four-story residential building over semi-subterranean parking with 57 spaces. The property houses 39 units and a recreation room, and features all one-bedroom apartments.
"Woodman Oaks Apartments is a multifamily facility in good condition that is well-located in an established high income neighborhood in the Sherman Oaks district of the San Fernando Valley near the city of Los Angeles," noted Richard Olrich, Managing Director, at Centerline. "Furthermore, the borrower is a repeat Centerline and Fannie Mae borrower and a seasoned local real estate investor that currently owns and manages numerous multifamily properties. We were pleased that we were able to assist the borrower in securing this loan at very attractive interest rates."
The building features a locked entrance lobby with an intercom, an exterior pool, elevator, and laundry room. Centerline`s team included Richard Olrich, Matt Olrich, and Adam Leiden.
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, bridge and CMBS lender, and source for other forms of alternative capital.
About Centerline Capital Group
Centerline Capital Group, a real estate finance and asset management company, provides financing, investing and asset management services for affordable and conventional multifamily housing throughout the United States. Centerline is organized around three business units: Mortgage Banking, Affordable Housing Debt and Affordable Housing Investments. Under the Mortgage Banking and Affordable Housing Debt businesses, Centerline partners with developers, owners, and investors to provide them with capital to develop, acquire or redevelop their real estate assets. Centerline`s core debt products consist of Fannie Mae, Freddie Mac, or HUD/FHA financing. In addition, through several strategic alliances, Centerline offers various CMBS executions for multifamily and other commercial properties, bridge loans and select joint venture equity products. Today the firm`s lending platform manages and services more than $12.2 billion in loans, of which affordable housing makes up $3.1 billion. A leading sponsor of Low-Income Housing Tax Credit (LIHTC) funds, Centerline`s third business focuses on identifying and investing in affordable housing properties and managing those assets as a fiduciary for the fund investors throughout the asset`s and fund`s lives. Since inception, the firm has raised more than $10 billion in equity across 137 funds, and invested in over 1,600 assets spanning 47 states. Founded in 1972, Centerline is headquartered in New York City, with 221 employees in fourteen locations throughout the United States. To learn more about Centerline, visit www.centerline.com.
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Source: Centerline Holding Company (CharterMac) via Thomson Reuters ONE