Centerline Refinances Forest Ridge 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 a $15.5 MM Fannie Mae first mortgage to refinance Forest Ridge Apartments in Nashua, New Hampshire. Forest Ridge Apartments, located at 1B Hampshire Drive in Nashua, is a garden style multifamily facility built in tin two phases in 1969 and 1972.  The facility comprises 21, two- and three-story buildings.  The property consists of a total of 370 units, and the unit mix includes 88 one bedroom-one bath units, 242 two bedroom-one bath units, 24 two bedroom-one bath townhouse units, and 16 three bedroom-two bath townhouse units. The loan is a 10-year fixed rate facility with a 30-year amortization period. The loan will be used to refinance the existing balance on the property.  Centerline is one of the nation’s leading Mortgage Banking institutions in the multifamily sector.Forest Ridge Apartments is located within the City of Nashua in Hillsborough County, New Hampshire. The city is located approximately 30 minutes from Boston and 20 minutes from Manchester, NH, along Route 3 and is called “The Gate City.”“Nashua has been named one of the “Best Places to Live in America” by Money Magazine, and is the only city in the country ever to win the honor twice,” commented Steven Cox, Senior Vice President, Commercial Real Estate at Centerline.  “The property is well-maintained, with a very high occupancy rate of over 95%. These factors made the Forest Ridge Apartment refinance a perfect deal for Centerline.” The project amenities include 24 common laundry rooms, tennis and basketball courts, a playground and picnic area.  In unit amenities include:  gas range/oven and exhaust hood, frost-free refrigerator, garbage disposal, dishwashers, wood cabinets with Formica countertops, patio or balcony area with an exterior storage room.  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