NEW YORK CITY-Locally based Centerline Capital Group says moving back into the CMBS loan market gives it a much broader offering. The firm closed on its first deal this week, a $2.7-million loan used for the acquisition of a 14,564-square-foot single-tenant building in Findlay, OH. “We now have a net to cast out to our clients,” says Vic Clark, Centerline’s managing director. “We’re not specifically focused on multifamily. We can do office, retail, industrial and hotels. It infinitely increases our reach into commercial real estate.”
Clark says Centerline also gains more flexibility with CMBS. “Lets say I’m looking at a multifamily deal and, for whatever reason, it can’t get done in Fannie Mae, Freddie Mac or HUD. CMBS is the fourth alternative.
He notes that the deal was put together in about 65 days. It originally included two Rite Aid stores, but the buyer chose not to purchase one, slowing the process. Typically, a deal will take about 45 days, he says.
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