NEW YORK, NY - 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 $6.04 million Fannie Mae DUS loan to facilitate the acquisition of Quad & Triangle Apartments, located in Altoona, Pennsylvania.
Quad & Triangle Apartments includes a total of 210 garden-style apartments that were built in two phases in 1973 and 1985. The property consists of 3 three-story apartment buildings, 25 two-story townhomes and one single-story commercial building.
The Borrower is Altoona Apartments, LP, a single asset entity, Pennsylvania Limited Partnership formed for the purpose of purchasing the property. The property purchase price is $6,825,000 and the loan will be used for acquisition financing and to fund the deferred maintenance costs for repairs of approximately $700,000. The terms of the loan are 10-year with one-year interest only.
“We structured the loan to include as much of the scheduled repairs and soft costs as was allowable, based upon the appraised value,” noted Bryan Cullen, director at Centerline Capital Group. “This will enable the borrower to acquire the property and facilitate the necessary repairs all in one package.”
Quad & Triangle Apartments will be managed by Berger Rental Communities, a full service property management company that specializes in garden style multifamily housing.
“Berger Rental Communities is a well-known apartment management company that has successfully owned and managed multifamily apartment communities for nearly 40 years,” continued Cullen. “In addition, the borrower sponsor is an established real estate professional with more than 39 years of experience and ownership interests in approximately 3,500 garden style apartment homes. These factors made this the perfect deal for Centerline.”
“The acquisition financing process with Centerline was smooth and efficient,” commented James Conley, director, capital markets with Marcus & Millichap Capital Corporation, the broker on the deal. “It is a pleasure to have a relationship with an organization that has such a strong understanding of current needs of today’s property owner and investor.”
The unit mix includes 18 one-bedroom, one-bath apartments, 36 two-bedroom, one-bath apartments, 128 two-bedroom, one-and-a-half bath townhomes, and 2 one-bedroom, one-and-a-half bath townhomes, and 26 three-bedroom, one-and-a-half bath units. Parking at the property offers space for 443 cars, including 23 spaces at the commercial 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 and source for other forms of alternative capital.
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 241 employees in 14 locations 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. To learn more about Centerline, visit www.centerline.com