- Total funding equals $4 million -

New York, NY -January 17, 2013 - 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 $4 million Freddie Mac Early Rate-Lock loan to refinance 55 Hudson Street, a cooperative multifamily property located in the Tribeca section of  New York City. 

This deal was the first transaction funded through Freddie Mac's new Cooperative Early Rate Lock Program.  The loan is secured by 55 Hudson Street, a 10 story, 34-unit luxury cooperative building that was incorporated in 1980 and is 100% sold.

"We were thrilled to be the first lender to close a loan through Freddie's new Early Rate Lock Co-Op pilot program," said Steven Cox, Director, and head of Centerline's New York mortgage banking production team.  "The property is well located in the Tribeca submarket of Manhattan, and is well-served by a quality public school system, as well as excellent overall access to public amenities including transportation, retail, personal services, schools, hospitals, parks, and recreational facilities."

The property was originally constructed as commercial warehouse in 1890 and was converted to residential usage in the early 1980s. The subject has also received ongoing repairs since converting to cooperative ownership.  

The borrower is Tribeca Owners Corp., a single-purpose, New York State entity, whose primary purpose is to manage the operations of the property and to maintain, preserve and protect the common areas.  The property is professionally managed by Cooper Square Realty, Inc., a full service real estate organization that offers residential and commercial property management, sales and leasing, consulting and investment advisory services. 

"The conservative nature of a co-op allows for a streamlined execution by Freddie Mac and enables borrowers to lock interest rates within 72 hours of a package submission to Freddie Mac," continued Cox.  "We were pleased to provide a quick turnaround allowing the Cooperative to execute and close promptly."

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 debt and equity capital.

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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 137 funds, and invested in over 1,600 assets spanning 47 states. The firm's multifamily lending platform services more than $11.5 billion in loans. Founded in 1972, Centerline is headquartered in New York City, with 246 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.www.centerline.com.

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