Andrew Farkas Updates

C-III Capital Partner’s Acquisition of NAI Global is Part of a Broader Growth Strategy

C-III Capital Partners, in which Andrew Farkas is CEO, recently completed its acquisition of NAI Global.  The deal was first announced in June 2011 and in the meantime, C-III was acquiring several other companies.  C-III Capital Partners is a real estate investment firm that is engaged in a broad range of activities, including loan origination, primary and special loan servicing, fund management and principal investment.  NAI Global is the network of independent commercial real estate firms and one of the largest commercial real estate service providers.

Robert Lieber, Executive Managing Director at C-III, discussed the acquisition and how it contributes to the broader growth strategy with CoStar News.  Robert explained that C-III Capital Partner’s strategy is to build a global, diverse real estate services firm, similar to what Andrew Farkas did with Insignia Financial Group.

When asked about Andrew Farkas’ strategy with his real estate investment firms, Robert Lieber responded, “The magic of Andrew Farkas is his visionary perspective… Andrew had a unique perspective and saw that the ability to try and aggregate and control this platform, which gave unique advantages to the limited partners in terms of their resolution alternatives, and opportunities for the general partners and the entity that was acquiring them -- a win-win situation.”

C-III Capital Partners on Top 10 Companies to Watch List

Real Estate Forum Magazine recently published their Top 10 Companies to Watch in 2012 list.  This list contains companies that the magazine believes will be heard frequently over the next year.  The companies are listed because they built up a head of steam during 2011 and will most likely maintain and increase their momentum.  C-III Capital Partners was named first on the top ten list.  Andrew Farkas is the Chief Executive Officer of C-III.  Farkas also serves as CEO of Island Capital Group and Anubis Advisors.

In June of last year, C-III entered into an agreement, which has not closed yet, to acquire services from NAI Global.  In August, C-III bought JER Partners’ special servicing and CDO management businesses.  Later in the year, C-III bought two more firms – Pacific West Management (located in Irvine, CA) and US Residential Group (located in Carrollton, TX).

Andrew Farkas called the multifamily management acquisitions “the next step in creating a fully diversified commercial real estate services company.”  In 2012, C-III Capital Partners will continue to build out its platform to adopt the one-stop company model.

Centerline Capital Group Refinances Multifamily Facility in Massachusetts

Centerline Capital Group, a subsidiary of Centerline Holding Company that provides real estate financing and asset management services, provided an $18.5 MM Fannie Mae facility to refinance the Forest Acres of Haverhill Apartments in Massachusetts.  The Forest Acres property contains 410-garden apartments and includes 46 two- and three-story residential buildings.  Centerline’s loan is a 10-year fixed rate facility with a 30-year amortization period and 9.5 years yield maintenance.

“Forest Acres of Haverhill Apartments is well located, as part of the greater Boston Area and Boston-Cambridge-Quincy MSA, all well performing local neighborhoods,” said Steven Cox, Senior Vice President in the Mortgage Banking Group at Centerline Capital Group. “The property is well maintained, enjoys good curb appeal and is currently 95% occupied, making this a solid deal for Centerline.”

Centerline Capital Group, also known as Centerline, is a Freddie Mac seller-servicer, Fannie Mae DUS lender, FHA-approved mortgage provider and source for other forms of alternative capital.  The Mortgage Banking Group, which Steven Cox works in, offers a variety of mortgage financing options for conventional multifamily property owners.

Centerline Capital Group Closes Multifamily Financing of Nine Properties in 60 Days

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 completed a complex financing transaction totaling $48.6 MM for the acquisition of nine multifamily properties.

The loan proceeds include $35.8 MM of Fannie Mae loansfor the acquisition of five multifamily properties in Tampa, Florida and two in Orlando, Florida. The transaction also included bridge financing in the amount of $12.8 MM for two multifamily facilities in Pasadena, Texas. The bridge loan was provided by Centerline’s affiliate, C-III Capital Partners LLC.

Centerline is one of the nation’s leading Mortgage Banking institutions in the multifamily sector. The sponsor is a Southern California-based full-service real estate investment and development firm that specializes in developing and acquiring multifamily, office and retail properties nationwide.

“Our borrower needed to close quickly and the sale was contingent on all properties closing at the same time,” commented Steven Cox, Senior Vice President, Commercial Real Estate at Centerline. “With the help of Fannie Mae and C-III, we were delighted we could turn the facility around rapidly and get the deal completed.”

The acquisition of the seven properties located throughout Tampa and Orlando comprise a combined 1,271-unit multifamily portfolio. The loan terms include a 10-year fixed rate, with a two-and-a-half year interest-only period, and with a 25-year amortization period. The unit breakdown is:

• Tampa, FL (176 Units)
• Bradenton, FL (92 Units)
• Fern Park, FL (352 Units)
• Orlando, FL (184 Units)
• Brandon, FL (125 Units)
• Tampa, FL (212 Units)

The $12.8 MM bridge loan for the two Pasadena, TX assets is for a term of 14 months, through December 31, 2012. The bridge financing for the two multifamily properties in Pasadena, includes:

• Property 1 (468 Units)
• Property 2 (514 Units)

“The borrower has an exemplary track record and reputation in the industry, and has completed more than 81 transactions totaling 2 million square feet. These factors made this an attractive deal for Centerline,” added Cox.”

The deal was brought to Centerline by Neil Bane of Johnson Capital, who provided the equity on the transaction.

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.

View the original press release on the Centerline Capital Group website.

Pantzer, Dune Refinance $328M Apartment Portfolio

DP Portfolio Investors LLC, a joint venture between Pantzer Properties and Dune Real Estate Partners, have closed on a $328 million refinancing of their Point DC Portfolio.

Centerline Capital Group, a subsidiary of New York-based Centerline Holding Company (OTC BB: CLNH) provided the funding.

The Point DC Portfolio includes eight apartment properties in Alexandria, Ashburn, Herndon, Leesburg, Manassas, Gaithersburg and Germantown with a total of 2,580 apartments. DP Portfolio Investors acquired the properties earlier this year.

It is Centerline’s largest financing transaction closed this year, and one of the largest group loans financed this year by Freddie Mac.

Read the original article from the Washington Business Journal