- Total funding equals $24 Million -
New York, NY - February 10, 2013 - Centerline Capital Group , a provider of real estate mortgage services for conventional and affordable multifamily housing, announced today it has provided a $24 million loan to facilitate the acquisition of Brigham Square, a brand new property.
Located in Arlington, Massachusetts, just outside of Boston, Brigham Square is a 116-unit mid-rise style apartment complex. The Freddie Mac commercial mortgage execution is a seven-year permanent loan with interest only for the full term. The property completed rent-up in 2013.
The Property is being acquired by U.S. Real Estate Investment Fund, LLC, a fund advised by Intercontinental Real Estate Corporation.
"Brigham Square is one of the best located suburban properties in the Boston area," commented Paul Donahue, Managing Director, Mortgage Banking at Centerline. "It has good visibility and is well located next to Minuteman Bikeway which runs from Cambridge out to the historic neighborhoods of Lexington, providing attractive commuting options for residents of the property. Within a half-mile of the property are convenient amenities including a major super market and a variety of excellent restaurants. The Boston-area apartment market remains strong with the state having gained 47,000 new residents in the last year.
"These factors, in combination with the property`s curb appeal, and strength of the borrower made this a solid deal for Centerline," added Donahue.
Brigham is comprised of a five-story apartment building and two small retail buildings. Seventeen of the rentable apartment units are considered affordable and the property features 165 total parking spaces, including 89 garage spaces.
Community amenities include elevator service, great room with wet bar, media room, pool table, additional resident storage, state-of-the-art fitness center, video gaming area with Wi-Fi, outdoor lounge with fire place, community grilling area, and on-site management and 24-hour maintenance.
"Centerline effectively structured this deal in a seamless and timely fashion," noted Paul Nasser, COO of Intercontinental Real Estate. "We hope to partner again with Centerline in the near future."
Centerline`s team included Donahue, Will Anderson and Mara Geltzeiler.
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 $12.2 billion in loans, of which affordable housing makes up $3.1 billion. Founded in 1972, Centerline is headquartered in New York City, with 210 employees in 13 locations throughout the United States. To learn more about Centerline, visit www.centerline.com.
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Source: Centerline Holding Company (CharterMac) via GlobeNewswire