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 $2.4 MM Fannie Mae DUS facility to refinance two student housing properties in Tallahassee, Florida.
The properties – University Gardens II and Cottages at Magnolia – are two non-contiguous multifamily student housing properties located within one-quarter mile of each other. Florida State University (FSU) is located 3.2 miles, and Florida Agricultural and Mechanical University (FAMU) is located 0.9 miles, both northwest from the facilities, providing the properties with a consistent dedicated student occupancy. The Centerline loan structure will be used to refinance the properties that were recently rehabbed and leased up.
“University Gardens and Cottages at Magnolia are well located student housing properties that draw from two solid performing Universities,” noted Steven Cox, Senior Vice President, Commercial Real Estate at Centerline. “Leases at the properties have 12-month terms and property management rents on a per bed basis. In addition, the properties are able to retain above average occupancy because they have desired features like private exterior access and individual bedrooms.
“These factors, combined with borrower’s solid track record in the student housing arena made this an attractive deal for Centerline,” added Cox.
University Gardens II, located at 401 Putnam Drive, consists of one three-story and two two-story buildings located over parking towers, for a total of 16 units and 64 beds (each units offers four bedrooms). Built in 2003, the property has 32 surface and 14 inside parking spaces. Situated at 2218 Magnolia Circle, Cottages at Magnolia is made up of 28 buildings, including one two-story facility over a parking tower and 27 bungalows, for a total of 152 beds. Parking at Cottages at Magnolia includes 78 surface and 29 under tower spaces.
The deal was brokered by Noam Kaminetzky of the Boca Raton Meridian Capital Group office.
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.
The unit mix for the properties is comprised of four bedroom-four bath units in 2 floor plans of 1,400 SF (350 SF/bedroom) in University Gardens II and 1,440 SF (360 SF/bedroom) in Cottages at Magnolia. The apartment interiors have wall to wall carpeting in the living areas and bedrooms, and vinyl flooring in the kitchens and bathrooms. Standard kitchen equipment includes wood veneer cabinets, laminate counters, stainless double sink, refrigerator/freezer, electric range/oven with vent hood, dishwasher and garbage disposal. Bathrooms feature combination tub/showers with tile or vinyl surrounds.
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