- Deal closed in under 30 days; Total funding equals $3.37 Million-
New York, NY -April 17, 2014 - Centerline Capital Group, a provider of real estate mortgage services for affordable and conventional multifamily housing, announced today it has provided a $3.37 million Fannie Mae loan facility to enable to the acquisition of Northwoood Apartments, a multifamily property located in San Antonio, Texas. Centerline closed the loan in a swift 28 days.
Northwood Apartments is 110-unit multifamily property located at 8315 & 8326 North Vandiver Road in San Antonio. Constructed in 1967 and 1968, the garden-style property is comprised of twenty, 2-story residential buildings and an on-site leasing office.
The Borrower is NC-Northwood LLC, a Texas limited liability company. The Fannie Mae loan put into place carries a 10-year loan term, 9.5-years yield maintenance, and a 30-year amortization schedule.
"The previous owner invested approximately $158,000 in capital improvements over the past three years, and made extensive interior renovations since 2000," noted Rick Warren, Managing Director, Mortgage Banking at Centerline Capital Group. "Northwood Apartments is in good condition and is currently 99% occupied."
Recent improvements to the property include installing individual HVAC systems in all units and general interior unit renovations. In addition, two 100-gallon water heaters were replaced in 2010 and 2011, and new roofing on three of the buildings was completed in 2011 and 2013.
"Northwood Apartments is located approximately four miles northeast of the San Antonio Central Business District and one mile east of the San Antonio International Airport," added Owen Breheny, Senior Vice President in the Mortgage Banking Division at Centerline Capital Group. "The immediate area surrounding the property is a mixture of light industrial, single-family, and commercial development. Significant retail development is located nearby and is well supported by the area`s strong residential base. These factors - combined with the solid real estate fundamentals and strong sponsorship made this a good deal for Centerline."
The property`s unit mix consists of five efficiency units, 56 one-bedroom, one-bathroom apartments, four two-bedroom, one-bathroom units, 38 two-bedroom, one- and-one- half bath apartments and seven two-bedroom, two-bathroom units. Property amenities include two in-ground swimming pools and three laundry rooms.
The loan was arranged by Catia Pisa and Doug Solether with Global Commercial Banc. Noted Pisa, Managing Director, President and CEO at Global, "It was truly remarkable how quickly the Centerline team worked to close this loan from start to finish. Closing an acquisition in less than 30 days is shocking enough, but this deal really had some issues that needed to be worked through. Centerline was very involved during the whole process and ushered the deal through successfully. We hope to partner with Centerline on another deal in the near future."
"The borrower needed to meet a1031 exchange deadline and had to fund the acquisition in 30 days. We were pleased to be able to execute the loan on such an accelerated time schedule to meet the needs of the borrower," concluded Breheny.
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 company, provides financing and investing for conventional and affordable multifamily housing throughout the United States. Centerline is organized around two business units: Mortgage Banking and Affordable Housing Debt. 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 $10.4 billion in loans, of which affordable housing makes up $916 million. Founded in 1972, Centerline is headquartered in New York City, with 159 employees in 13 locations throughout the United States. To learn more about Centerline, visit www.centerline.com.
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Centerline Holding Company (CharterMac) via GlobeNewswire