Centerline Facilitates a $44M, Nine-Property Multifamily Portfolio Sale in Houston & Dallas
- Sep 26, 2013
Houston—Centerline Capital Group has provided nine conventional Freddie Mac loans, totaling approximately $44 million, to enable the acquisition of nine multifamily properties, totaling 2,150 units, located in Houston and Dallas.
The buyer’s name was not revealed but Centerline said it was one of its largest, regular clients and that it had closed a three-property portfolio in Texas and Virginia for the same borrower earlier this year.
“We were extremely pleased that these loans came together so well and were able to deliver on each of these financings simultaneously on the desired date through floating rate financing,” John Beam, managing director in the Mortgage Banking Group at Centerline Capital Group’s Atlanta office, says. “The loans were provided to the same borrower, a repeat Centerline customer that is a well-known, seasoned real estate investor with a solid track record for success.”
The properties in Dallas are Cedarbrook, Park on Rosemeade, Shadow Creek, The Pinnacle and Westwood Village; while the Houston properties consist of Crystal Bay, Savoy Manor, Southpoint and Wolf Creek. All properties were built in the 1980s and renovated in 2005.
“Our team has worked hard to develop a seamless process that guarantees quick response and certainty of execution for our clients,” Deborah Proctor, assistant vice president and another member of the Centerline Atlanta team, says.
Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider and source for other forms of debt and equity.