Cox and Powell of Centerline provide $7.8 million Freddie Mac mortgage; To refinance The Penny Lane apartments in Kips Bay

Centerline Capital Group, a provider of real estate financial and asset management services for affordable and conventional multifamily housing, and a subsidiary of Centerline Holding Co., has provided a $7.8 million Freddie Mac mortgage to refinance Penny Lane Apartments, a cooperative multifamily property. Penny Lane Apartments is comprised of 179 units and was converted into a cooperative in 1987. Located at 215 East 24th St., the property consists of a single rectangular-shaped parcel of land, and includes a subterranean parking garage that has 99 spaces. "Penny Lane Apartments is located in the section of Manhattan known as Kips Bay. This is considered to be the area between East 23rd St. and East 34th St. extending from Lexington Ave.to the East River," said Steven Cox, director, and head of Centerline's New York mortgage banking production team. "The surrounding area is residential in character and is built-up predominantly with low-rise, pre-war tenements and townhouses along with numerous mid and hi-rise buildings." The Centerline team that closed the deal included Steven Cox and Michael Powell who served as originator. "The property has a 26-year successful track record operating as a cooperative, and recent capital improvements include renovations to the rear courtyard, including: new decking, waterproofing, pavers and wood fencing," said Cox. "We were pleased to underwrite the refinance of this property as it was a quality deal for Centerline." The property is professionally managed by a subsidiary of Gumley Haft Real Estate Management, a full service real estate organization which offers residential and commercial property management, sales and leasing, and consulting and investment advisory services. 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, bridge and CMBS lender, and source for other forms of alternative capital.