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Centerline Trims Staff, Extends Term Loan

NEW YORK CITY-The parent company of Centerline Capital is shifting resources to enhance its special servicing and asset management functions.

By Paul Bubny | Updated on November 04, 2008

NEW YORK CITY-In common with other real estate service firms amid the capital markets crisis, Centerline Holding Co., the parent company of Centerline Capital Group, has announced reductions in its workforce nationwide. A Centerline Capital source tells GlobeSt.com the staff cutbacks total about 100 employees, or 20% of the workforce, and are occurring mostly in New York City, the largest of its nine offices.

In a release, Centerline says it’s also shifting resources to enhance its special servicing and asset management functions. “You look hard at all of your departments and make the best use of your resources,” the source says. “These are the realities of the marketplace. But it can also result in a more efficient operation.” As part of the reallocation of resources, the company will move its New Jersey operations into the Manhattan office.

The news follows Centerline’s announcement last Friday that the company and its lenders had entered into an amendment to its revolving credit and term loan agreement. According to a release, Centerline has agreed to reduce its term loan debt to no more than $50 million by Nov. 21, which requires a payment of approximately $18.8 million.

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