(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).
LOS ANGELES-GlobeSt.com has exclusively learned that a Southern California borrower has acquired affordable MBS loans totaling $23 million for the refinance and acquisition of nine individual multifamily properties. The properties are located in a variety of markets, including Memphis and Cleveland, TN; Birmingham, AL; Temple, TX; Kansas City, MO; Gastonia, NC; and Cincinnati, Dayton and Franklin, OH.
Although GlobeSt.com could not obtain the identity of the borrower by deadline, we did learn that the borrower is a commercial real estate owner and management company that specializes in Section 8 housing across the country and is among the country’s largest owners and managers of HUD subsidized housing with more than 13,500 units in 15 states.
Centerline Capital Group, a subsidiary of Centerline Holding Co., provided the loan, where terms were 10 years with 30-year amortization. The assets were financed at rates ranging from 75% loan-to-value with 1.30 debt service coverage to 80% loan-to-value with 1.20 debt service coverage.
“Centerline was instrumental in providing the financing the borrower needed for the swift acquisition of a number of small Section 8 housing deals,” explains Suzanne Cope, affordable debt originations at Centerline Capital Group. “The unique structure we put into place served to accommodate a section 8 overhang to market. The borrower was pleased to get the financing they needed to quickly close multiple deals in a variety of markets.”
Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider and source for other forms of traditional and alternative capital.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
