LAYTON, UT-GlobeSt.com exclusively learns that Centerline Capital Group recently provided a $6.6-million loan facility that enabled the acquisition of two multifamily properties in Utah. Centerline processed the loan through Fannie Mae‘s Multifamily Affordable Housing Program, which allows for financing of Low Income Housing Tax Credit properties in their regulatory restricted use term.

Although Centerline could not reveal the borrower’s identity, “The borrower needed to close quickly to meet the requirements of the purchase agreements, and two days prior to rate-lock, the properties both suffered wind storm damage,” explains Philip Melton, senior managing director, Affordable Housing Debt at Centerline. “Thankfully, with the help of Fannie Mae, we were able to get the appropriate bids and contracts, complete the engineering report, and the closing was delayed only by two weeks.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.