Centerline Capital Group Refinances a Multifamily
Post# of 94264
Posted On: 10/31/2013 11:09:17 AM
Centerline Capital Group Refinances a Multifamily Property Located in Parkville, Maryland
- Total funding equals $17.6 million-
New York, NY - October 31, 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 $17.6 million Freddie Mac CME loan to refinance Clearsprings Townhomes, a multifamily property located in Parkville, Maryland. Parkville is located 12 miles northeast of downtown Baltimore.
The loan is cash out refinance of a Freddie Mac loan that was assumed in 2012. The borrowers, a single asset LLC, will take the $6 million plus in net proceeds to reinvest in the property and in new acquisitions.
Clearsprings Townhomes is located at 53 Bayberry Road. Built in 1979, this 189-unit property is part (phase 1) of a larger townhouse community. It is comprised of 25 different sets of two-story townhouse buildings all of which have brick and vinyl exteriors and pitched roofs. The unit mix consists of two and three bedroom units.
"Centerline had to work through a number of phasing issues in order to get the necessary approvals from Freddie Mac," commented Bryan Cullen, director at Centerline Capital Group. "We also had to consider new changes in Maryland law that allowed for saving of recordation fees while simplifying the ownership structure. We were pleased that we were able to negotiate a reduction in the prepayment penalty because the refinance replaced a portfolio loan with a CME financing."
Clearsprings Townhomes is professionally managed by Mindful Management. Formed in 2003, Mindful Management currently owns and operates 14 self-storage facilities in Florida and Maryland. The principals of Mindful Management have extensive multifamily experience.
"Centerline worked with us during a challenging interest rate and spread environment to get the best deal available," said Stephen Block with Mindful Management. "We were able to get the loan dollars we wanted and the final spread was below application."
Asphalt paved parking areas are provided throughout the site adjacent to each building, and the remainder of the site contains landscaped areas and pedestrian walkways. The units at Clearsprings Townhomes have standard kitchen appliances including refrigerators, ranges with exhaust hoods, dishwashers, and washers and dryers, and an exterior storage closet accessed from the deck or patio.
Amenities at the property include two playground areas. The leasing office is located on the second phase of the property, and the office is in charge of managing both phases. The office is also in Centerline's Freddie Mac portfolio.
In addition, residents at Clearsprings Townhomes have access to the recreational facilities Putty Hill, which includes use of the swimming pool, wading pool and pool building.
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.
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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.
###
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Centerline Holding Company (CharterMac) via Thomson Reuters ONE
HUG#1739705
- Total funding equals $17.6 million-
New York, NY - October 31, 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 $17.6 million Freddie Mac CME loan to refinance Clearsprings Townhomes, a multifamily property located in Parkville, Maryland. Parkville is located 12 miles northeast of downtown Baltimore.
The loan is cash out refinance of a Freddie Mac loan that was assumed in 2012. The borrowers, a single asset LLC, will take the $6 million plus in net proceeds to reinvest in the property and in new acquisitions.
Clearsprings Townhomes is located at 53 Bayberry Road. Built in 1979, this 189-unit property is part (phase 1) of a larger townhouse community. It is comprised of 25 different sets of two-story townhouse buildings all of which have brick and vinyl exteriors and pitched roofs. The unit mix consists of two and three bedroom units.
"Centerline had to work through a number of phasing issues in order to get the necessary approvals from Freddie Mac," commented Bryan Cullen, director at Centerline Capital Group. "We also had to consider new changes in Maryland law that allowed for saving of recordation fees while simplifying the ownership structure. We were pleased that we were able to negotiate a reduction in the prepayment penalty because the refinance replaced a portfolio loan with a CME financing."
Clearsprings Townhomes is professionally managed by Mindful Management. Formed in 2003, Mindful Management currently owns and operates 14 self-storage facilities in Florida and Maryland. The principals of Mindful Management have extensive multifamily experience.
"Centerline worked with us during a challenging interest rate and spread environment to get the best deal available," said Stephen Block with Mindful Management. "We were able to get the loan dollars we wanted and the final spread was below application."
Asphalt paved parking areas are provided throughout the site adjacent to each building, and the remainder of the site contains landscaped areas and pedestrian walkways. The units at Clearsprings Townhomes have standard kitchen appliances including refrigerators, ranges with exhaust hoods, dishwashers, and washers and dryers, and an exterior storage closet accessed from the deck or patio.
Amenities at the property include two playground areas. The leasing office is located on the second phase of the property, and the office is in charge of managing both phases. The office is also in Centerline's Freddie Mac portfolio.
In addition, residents at Clearsprings Townhomes have access to the recreational facilities Putty Hill, which includes use of the swimming pool, wading pool and pool building.
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.
###
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Centerline Holding Company (CharterMac) via Thomson Reuters ONE
HUG#1739705
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