CLNH Further Expands Small Loan Group
—Hires Charlie Cole as Regional Manager for Central US—
New York, NY — September 8, 2011 —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 hired Charlie Cole as Regional Director for the Small Loan Group based in Dallas, Texas. Mr. Cole will be responsible for the Central Region of the United States, which includes Texas and the surrounding states.
Centerline is one of the nation’s leading Mortgage Banking institutions in the multifamily sector. Its Small Loan Group, which is housed within the Mortgage Banking unit, provides loans between $1 and $5 million, with an average loan size of $1.8 million. The Small Loan Group is headquartered in Irvine, California under the direction of Rick Warren.
The Group is comprised of 6 originators (mortgage bankers), and a 10-person support team that handles processing, underwriting, and loan closings. Since its inception two years ago, the Small Business Loan Group has funded $300 million nationwide. In June, the team closed its largest single transaction with a $27 million portfolio deal.
Mr. Cole joins Centerline from Apartment Bank where he was a Senior Commercial Lending Officer and involved in the initial roll out of the lending program in the firm’s multi-family business. Consistently a top performer at Apartment Bank, Mr. Cole focused exclusively on originating loans for stabilized multi-family properties across the country, with loans ranging in size from $500,000 to $10 million.
“Charlie has vast knowledge of the multi-family sector and is expert at structuring commercial real estate finance solutions for companies active in this segment of the market,” said Rick Warren, Managing Director Mortgage Banking at Centerline. “We are confident he will help us expand our multi-family business in Texas and the central region and prove to be invaluable to us at Centerline, as well as to our clients.”
Earlier in his career, Mr. Cole was with Imperial Capital Bank in Dallas where he was also the top producer and originated the most new loans. He began his career in commercial real estate in 1995 and during his career has funded over $500 million in new loans.
Mr. Cole graduated from Southern Methodist University with a degree in business and he also holds an MBA from Clemson.
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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. Centerline offers a range of both debt and equity financing 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 227 employees in ten offices throughout the United States. A strategic partner of Island Capital, Centerline is organized around four business units: Asset Management, Mortgage Banking, Affordable Housing Equity and Affordable Housing Debt. For more information visit www.Centerline.com.
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Certain statements in this document may constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Other risks and uncertainties are detailed in Centerline Holding Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, and include, among others, business limitations caused by adverse changes in real estate and credit markets and general economic and business conditions; our ability to generate new income sources, raise capital for investment funds and maintain business relationships with providers and users of capital; changes in applicable laws and regulations; our tax treatment, the tax treatment of our subsidiaries and the tax treatment of our investments; competition with other companies; risk of loss under mortgage banking loss sharing agreements; and risks associated with providing credit intermediation. Words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements speak only as of the date of this document. Centerline Holding Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Centerline Holding Company's expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.
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