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 $12.2 MM Fannie Mae facility to refinance the Copper Creek Apartments in Evansville, Indiana.
Copper Creek Apartments is a Class A garden style multifamily facility that comprises 16, two- and three-story buildings with a combined total of 291 units. The loan is a 10-year fixed rate facility with a 30-year amortization period. The loan proceeds will be used to pay off the combined existing debt and yield maintenance that will mature in 2012.
Centerline is one of the nation’s leading Mortgage Banking institutions in the multifamily sector. The borrower is a single asset, Indiana limited partnership that is led by a well-established property owner in this tertiary market, and a long-time client of Centerline.
“Evansville enjoys one of the most stable economies in the country, due to the diversity in size and nature of existing businesses and industries in the area. Over the past year, Evansville has shown improvement, experiencing both rent growth and an overall decrease in vacancy,” commented Steven Cox, Senior Vice President, Commercial Real Estate at Centerline. “Copper Creek Apartments is also a well-maintained, owner developed facility that has a very high occupancy rate of 95.9%.
“These factors, combined with borrower’s relationship with Centerline and solid track record in the industry and local market, made this an attractive deal for Centerline,” added Cox.
The multifamily facility is situated on 23.99 acres in Evansville, which has grown to become Indiana’s third largest city. Completed in 2002, property amenities include a club house with fitness center, patio and balcony with outside storage, and include 496 open parking spaces, 112 covered spaces and 43 garage spaces. The apartment complex is located approximately 176 miles southwest of Indianapolis, 156 miles north of Nashville, Tennessee, 126 miles west of Louisville, Kentucky.
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. Centerline offers a range of both debt and equity financing 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 136 funds, and invested in over 1,300 assets spanning 47 states. The firm’s multifamily lending platform services more than $11billion in loans. Founded in 1972, Centerline is headquartered in New York City, with 233 employees in ten offices throughout the United States. A strategic partner of Island Capital, Centerline is organized around four business units: Mortgage Banking, Affordable Housing Equity, Asset Management and Affordable Housing Debt. For more information visit www.Centerline.com