- Total funding equals $5.1 million -
New York, NY - September 27, 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 a Fannie Mae DUS Supplemental Mortgage Loan in the amount of $5.1 million for Faircliff Plaza East Apartments.
Faircliff Plaza East Apartments is an affordable housing property that contains 80 rental apartment units situated within two, four-story walk up buildings with a net rentable area of 58,056 square feet. Built in 1980-1981, the property was acquired and renovated in 2002 by the current owner using low income housing tax credits. The property continues to operate under LIHTC restrictions (100% at 60% AMI) and all of the units are covered by a Section 8 HAP contract.
"The borrower is a repeat Centerline client with a strong track record of owning and operating affordable housing and Section 8 properties," commented Jim Gillespie, Managing Director at Centerline Capital Group. "The borrower acquired and completed a significant renovation of the property in 2002. It is currently in excellent condition, is very well maintained, and has performed exceptionally well over the past 11 years under the current ownership."
"The property is located in the central area of Washington DC in the neighborhood known as Columbia Heights," continued Gillespie. "This area of DC has experienced significant revitalization over the past several years, including both residential and commercial/retail developments, increasing the demand for quality affordable rental housing. These factors and the strength of the sponsor made this a quality deal for Centerline."
Attached to one of the buildings is a single story office that serves as the onsite management and leasing office, a community room and computer lab. The property also has a central laundry facility and a playground area.
The Affordable Housing Debt group at Centerline provides mortgage financing for affordable multifamily properties throughout the United States. Centerline is a Fannie Mae DUS lender, Freddie Mac TAH lender, 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