- Total funding equals $66.2 million -
New York, NY - May 20, 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 provided three Freddie Mac loans that total $66.2 million to refinance three multifamily properties located in Pennsylvania.
The loans are all standard commercial mortgage executions that were closed simultaneously for the same borrower, a Pennsylvania limited partnership. The loans all carry a 10-year term with 25-year amortization schedule and replace existing loans that were originated by Centerline and Freddie Mac.
The properties include:
» Westgate Village Apartments. Centerline provided a $23.7 million loan to refinance Westgate Village Apartments, a garden-style 230-unit multifamily facility constructed in 1974. The property is located in Frazer (Chester County), Pennsylvania and is comprised of 15, two-story apartment buildings. In total, there are 98 one-bedroom units, 98 two-bedroom units, and 34 three-bedroom units.
Property amenities include a newly completed community center, pool, tennis courts, and a fitness center. Unit amenities include fully equipped kitchens, washer/dryer, and private outdoor patios.
» Fairways Townhouses. Fairway Townhouses is a 160-unit garden-style multifamily complex that was built in 2000. Centerline provided a $22.3 million loan to refinance this property that is located in Thorndale (Chester County), Pennsylvania.
Fairways Townhouses includes 23, two-story apartment buildings, with 10 of the buildings having basement levels. Property amenities include garage parking, a community room, pool, tennis courts, a fitness center, and an on-site day-care center. Unit amenities include washer/dryer hookups, porches, fireplaces, dishwasher, disposal, fridge, microwave, gas stove, and air conditioning.
» Fairway Apartments. Centerline provided a $20.2 Freddie Mac loan to refinance Fairway Apartments, a 234-unit multifamily facility that was constructed in 1974 with additional structures built in 1997. Also located in Thorndale (Chester County), Pennsylvania, Fairway Apartments is comprised of 31, two-story apartment buildings. The property has a mix of one-, two-, and three-bedroom apartments, and offers 600 parking spaces.
Property amenities include a community room, pool, tennis courts, a fitness center, and an on-site day-care center. Unit amenities include fully equipped kitchens, washer/dryer, and private outdoor patios.
"The borrower is a repeat Centerline and Freddie Mac client with many years of experience developing, owning and managing multifamily real estate in the local area," said Steven Cox, Director, and head of Centerline`s New York mortgage banking production team. "The properties are all located in Chester County, considered to be the most affluent county in Pennsylvania, and there is very little new construction coming on line in the market in the near future."
"In addition, historical vacancy rates at all three properties is very good, and the properties are in good condition and well managed," continued Cox." We were pleased these loans came together so well and were able to deliver on each of these financings simultaneously."
The properties are managed by First Montgomery Management (FMM), a well-known property management firm that presently has a total of 5,000 apartment units under management located throughout: New Jersey, Pennsylvania, Delaware, South Carolina, and Virginia.
The deals were originated by the New York office team of Steven Cox and Michael Powell.
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 privately held 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