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Feb. 14, 2014

Centerline Capital Unveils New Healthcare Lending Platform

By Joshua Ayers, Senior Editor

New York—Centerline Capital Group has announced the addition of a national healthcare lending platform, adding to its current lending platform which serves mortgage banking and affordable housing businesses. The new program will allow the company to fund a variety of multifamily healthcare related projects including acquisitions, construction, and sub-rehab of community-based residential care communities, assisted living and memory care communities, nursing homes, as well as other special use healthcare properties.

“Our new healthcare lending program will enable us to extend our services to customers that are active in multiple disciplines in the healthcare arena and expand the financing capabilities of Centerline,” says Philip Melton, senior managing director at Centerline Capital Group. “We are pleased to bring this new program to market and look forward to serving new customers nationwide. We are fortunate to have a seasoned professional in Jim Boris to lead our origination efforts.”

The program will be formed under Centerline’s FHA Group and will be led by Melton. James Boris, director FHA Loan Production at Centerline, will be in charge of efforts to drive new originations for the platform.

“The program will benefit the sector by providing low fixed rate, construction, acquisition, or refinancing alternatives for long-term fully amortizing, non-recourse financing,” Boris says. “This will be coupled with shorter term proprietary bridge options for developers seeking flexibility prior to locking in long term financing.”

Three new loan structures will be included in the new platform including Centerline Bridge Loans, HUD Section 223f/232 Acquisition and Refinance Loans, and HUD Section 232 new Construction and Sub-Rehab Loans.

The three loans will be available to investors nationwide. The financing structure of the loans will offer highly leveraged loan-to-cost ratios of 80 to 95 percent, low fixed interest rates with some currently as low as 4.10 percent, 35- and 40-year fully amortizing loans, no rent control restrictions, no limitations on owner returns. They are also non-recourse and assumable. Additionally, Centerline’s bridge loan program can provide companies funding for quick transactions regarding healthcare facilities that would otherwise not be likely to qualify for Centerline’s HUD-Insured Permanent Financing.

“We are pleased to bring this new program to market and look forward to serving new customers nationwide,” Boris says.

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