Centerline Holding Company : Centerline Capital Group Finances the Acquisition of a Multifamily Property in Chicago, Illinois
10/10/2012| 09:33am US/Eastern
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- Total funding equals $5.2 Million-
New York, NY -October 10, 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 $5.2
million Fannie Mae fixed rate loan to facilitate the
acquisition of the Lunt Apartments in Chicago, Illinois.
The property is located in the Rogers Park neighborhood of
Chicago's north side, approximately 8.5 miles north of
the Chicago central business district. The Lunt Apartments
consists of two, non-contiguous mid-rise apartment buildings
that are located across the street from one another on Lunt
Avenue. The property is comprised of a total of 110
units. The first building is a 54-unit, four-story
building that was constructed in 1930. The second facility
was built in 1932 and is a six-story building with 56
apartments.
Both buildings are currently 100% occupied and the borrower
is Ansonia Properties, LLC. Centerline was able to meet tight
purchase timeframes, closing the loan in 47 days.
"The Lunt Apartments is well located in Rogers Park, one
of the most diverse neighborhoods in Chicago in terms of age,
income, and ethnicity," noted Adam Klingher, Senior Vice
President at Centerline. "Several major roads
provide access to the neighborhood, and multiple near-by
options for public transportation provide residents easy
access to the "Loop," Chicago's central
business district, as well as local parks, beaches and
shopping areas."
The neighborhood is also greatly influenced by the presence
of Loyola University which is located in Rogers Park.
Loyola's lakeshore campus serves as the main residential
undergraduate campus with more than 3,200 students. In
addition, Rogers Park has over 30 beaches and parks.
"The area has enormous draw. There are constantly
new renovation and rehabilitation projects going on in the
neighborhood, and the Rogers Park submarket enjoys a vacancy
rate under 5 percent," continued Klingher, Senior Vice
President at Centerline. "These factors, combined
with the borrower's solid track record in the industry,
made this an attractive deal for Centerline."
"Centerline, specifically Adam, exceeded our
expectations, effectively managing timing, third party
vendors and structure. We look forward to working with
them in the near future," commented Barclay Welsh,
principal at Ansonia Properties.
The loan was closed by a team in Centerline's Chicago
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.
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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.
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HUG#1648047
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