Centerline Securitizes $2.8B AH Portfolio

Moving toward its goal of becoming an alternative asset management company, Centerline Holding Co., a New York-based multifamily lender, has securitized a $2.8 billion affordable housing bond portfolio with Freddie Mac.The company has also reported a $131 million equity investment commitment from an affiliate of Related Cos. "Centerline's goals are to increase assets under management and to create greater earnings power," said Marc Schnitzer, chief executive officer and president of Centerline. "With Related's investment, we have the resources to achieve our goals." He also said he expects that "greater liquidity will enable us to capitalize on opportunities arising from the volatility in the capital markets." The Freddie Mac securitization is backed by about 59,000 affordable multifamily properties in 31 states. Centerline is retaining a "B-piece" interest in the portfolio and will be its primary and special servicer. Centerline can be found online at http://www.centerline.com.