CENTERLINE PROVIDES $4M LOAN FOR MULTIFAMILY PROPERTY IN NEW YORK

NEW YORK — Centerline Capital Group has provided a $4 million 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 program enables borrowers to lock in interest rates within 72 hours of a package submission to Freddie Mac. The loan is secured by 55 Hudson Street, a 10-story, 34-unit luxury cooperative building that was incorporated in 1980 and is 100 percent sold. The property was originally constructed as a commercial warehouse in 1890 and was converted for residential usage in the early 1980s. The borrower is New York-based Tribeca Owners Corp., whose primary purpose is to manage the operations of the property.