New York-based CharterMac has announced the formation of Centerbrook Financial LLC, a provider of credit intermediation products for the affordable housing industry, in conjunction with IXIS Capital Markets North America Inc.In addition to equity contributions from CharterMac, Centerbrook has obtained commitments totaling $155 million from four financial institutions, CharterMac reported. Concurrently with the launch, Centerbrook completed its first transaction, providing a pool of credit default swaps in connection with the resecuritization of $820 million of CharterMac's multifamily revenue bonds. "Out ownership of Centerbrook will enable us to retain a significant portion of the fees that we would have paid to third-party credit providers," said Marc D. Schnitzer, chief executive officer and president of CharterMac, which provides financial services for the multifamily sector. "CharterMac paid third-party credit providers over $13.5 million of fees in 2005, even though we retained a majority of the risk associated with the transactions." CharterMac can be found online at http://www.chartermac.com, and IXIS can be found at http://www.ixiscm.com.
