Centerline Capital Refinances Woodchase Apartments

NEW YORK, NY - 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 an $11.4 MM Fannie Mae DUS Choice refinancing for the Woodchase Apartments in St. Louis, Missouri. Woodchase Apartments is a garden style multifamily facility that was built in 1984 and comprises 17 two- and three-story residential buildings, and one single-story office/clubhouse.  The property consists of a total of 186 units, and the unit mix is made up of 92 one-bedroom and 48 two-bedroom apartments, and 18 one-bedroom and 28 two-bedroom townhome units.  The loan is a 10-year fixed rate facility with a 30-year amortization period. The portfolio was refinanced to secure a new low interest rate. Centerline is one of the nation’s leading Mortgage Banking institutions in the multifamily sector. The borrower is Woodchase Village, LLC, a Missouri single asset entity.  The key principals of Woodchase Village have owned and managed Woodchase Apartments since 2007.  Woodchase Apartments is located in the city of Chesterfield, situated in the western part of St. Louis County, about 20 miles west of the St. Louis Central Business District, and 10 miles west of the Clayton Central Business District. “The Chesterfield neighborhood currently has a strong income demographic profile with a stable outlook. As a result, the demand for existing developments in the area is expected to be good,” commented Steven Cox, Senior Vice President, Commercial Real Estate at Centerline.  “The borrower is a repeat customer of Centerline with extensive experience in the local commercial real estate market.” “The property is also well-maintained, with a very high occupancy rate of 96.89%,”continued Cox.  “These factors made the Woodchase Apartment refinance a solid deal for Centerline. We are pleased to help the borrower take advantage of the current low-interest-rate environment.” Property amenities include a pool, tennis court, and combination leasing office/clubhouse. The clubhouse facility includes a full-size kitchen and small lounge area with tables and chairs and a fireplace. Additionally, the property features a fitness room in the basement of the clubhouse. Each unit features electric appliances including a smooth top range/oven; refrigerator with icemaker; single-drain, stainless steel sink; garbage disposal; microwave; and dishwasher. Laundry areas area located within or off the kitchen. 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 136 funds, and invested in over 1,300 assets spanning 47 states. The firm’s multifamily lending platform services more than $11billion in loans. Founded in 1972, Centerline is headquartered in New York City, with 244 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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