New York, NY - August 3, 2012 - 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 (OTC: CLNH), announced today it has provided a $2
million Fannie Mae fixed rate MBS loan to refinance the
Southview Village Apartments, an affordable multifamily
housing development located in Marion, Virginia.
Built in 1982, Southview Village Apartments is a 72-unit
garden-style apartment complex. The loan was structured with
a 10-year term and 30-year amortization. The loan was
underwritten to 80 percent loan-to-value with a 1.55x
debt-service coverage ratio. In addition, Southview
Village Apartments has a 20-year HAP contract in place on
100% of the units.
"The Fannie Mae 10 year MBS product we put into place
provided the customer with a full leverage, non-recourse loan
at an attractive fixed rate that will help recapitalize and
preserve Southview Village Apartments as an affordable
housing property," said Jim Gillespie, Managing Director
at Centerline Capital Group.
The sponsor, Mark Carbone of Related Affordable, commented,
"We were pleased to partner with Centerline Capital
Group on the refinancing of Southview Village Apartments.
Centerline provided excellent service throughout the process
and we look forward to working with them on future
Southview Village Apartments is located on View Drive, just
off of Interstate 81, approximately six miles west of the
downtown area of Marion, Virginia. The property is comprised
of 5, three-story garden apartment buildings, and 2,
two-story townhouse buildings, with a variety of floor plans
including one, two and three-bedroom units.
The property is subject to a HAP (Section 8 Housing
Assistance Payments) contract with a 20 year term.
"At the time of closing the property was 100% occupied,
and the property manager expects rental rates to remain the
same in the near term," added Gillespie.
"These factors combined with the solid sponsorship made
this an attractive deal for Centerline."
Centerline is a Fannie Mae DUS lender, Freddie Mac
seller-servicer, FHA-approved mortgage provider and source
for other forms of debt and equity.
About Centerline Capital Group
Centerline Capital Group, a subsidiary of Centerline Holding
Company (OTC: CLNH), provides real estate financing and asset
management services focused on affordable and conventional
multifamily housing. We offer a range of both
debt financing and equity investment products, as well as
asset management services to developers, owners, and
investors. An industry leader, Centerline is structured
to originate, underwrite, service, manage, refinance or sell
through all phases of an asset's life cycle. A
leading sponsor of Low-Income Housing Tax Credit (LIHTC)
funds, Centerline has raised more than $10 billion in equity
across 137 funds, and invested in over 1,600 assets spanning
47 states. The firm's multifamily lending platform
services more than $11.5 billion in loans. Founded in 1972,
Centerline is headquartered in New York City, with 246
employees in ten offices throughout the United
States. A strategic partner of Island Capital,
Centerline is organized around four business units:
Affordable Housing Equity, Affordable Housing Debt, Mortgage
Banking and Asset Management.www.centerline.com.