- 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.
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. To learn more about Centerline, visit www.centerline.com.
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Source: Centerline Holding Company (CharterMac) via Thomson Reuters ONE