Andrew Farkas Updates

Centerline Capital Group Awarded Rainbow Housing’s “Owner of the Year”

Rainbow Housing Assistance Corporation honored Centerline Capital Group with the “Owner of the Year” award for being tremendously valuable in serving Rainbow’s mission.  The award was given during Rainbow’s “Play It Forward” charity golf tournament, an event that gives individuals the opportunity to network with housing leaders from around the country and raise money for Rainbow’s service-enriched housing mission.  The golf tournament was held at the Rio Verde Country Club in Arizona on Friday, April 27^th.  The award ceremony was at 6pm after the golfers began at 1pm.

Back in December 2011, Rainbow secured a service contract for six of Centerline’s multifamily assets in Houston, Texas.  The partnership has grown to include 11 assets in two states.  Centerline Capital Group is headquartered in New York, but operates in 47 states.  Multifamily Executive magazine listed Centerline as one of the nation’s top 5 owners in 2011.

“We at Centerline are truly honored by this award. Working with our partners at Rainbow over the past year has been extremely gratifying. The valuable work they provide our tenants in helping them forge a better life makes our housing complexes, and the communities at large, better places to live.” said Robert L. Levy, President, Chief Operating Officer, and CFO.

Andrew Farkas & Farkas Hall

Farkas Hall, previously known as New College Theatre, was recently renovated thanks to a generous gift from Andrew Farkas, CEO of C-III Capital Partners and Island Capital Group.  Andrew Farkas contributed to the theater because of his appreciation for Harvard College, the Hasty Pudding Club, and his father, Robin Farkas, who also graduated from Harvard.

“He has been my father, my mentor, my best friend, and my role model, and he talked me into choosing Harvard,” Andrew Farkas explains. “My Harvard experience completely informed who I became. I arrived as an awkward, insecure fellow with great ambition but modest direction. Harvard gave me a canvas on which to reinvent myself. I loved every second of it.”

The theater was originally built in 1888 and is located at 12 Holyoke Street.  It was under construction from 2005 to 2007, but the six-story building has preserved its original façade and entryway.  The renovations included adding several modern amenities, such as a moveable stage and start-of-the-art lighting and sound systems.  The Hasty Pudding Club is highlighted in the theater with photographs, plaques, and posters displayed in the Hasty Pudding Lobby.  It is the country’s oldest collegiate social club since it was founded in the late 1700s, and produced Hasty Pudding Theatricals, Harvard Krokodiloes and Radcliffe Pitches, which have offices in Farkas Hall.

Centerline Capital Group Funds Rehabbed Multifamily Community

Centerline Capital Group recently provided $3.5 MM Fannie Mae Affordable Section 8 Housing Assistance Program (HAP) loan for the refinance of Macedonia Gardens in Camden, New Jersey.  Macedonia Gardens is a newly rehabbed apartment complex that includes 11 buildings around Howell, Saunders, and Mitchell Streets, between N. 29th Street and N. 30th Street.  There are 64 apartments that are townhome style with either two or three bedrooms.  The property was originally built in 1969, but the substantial rehab, which cost about $40,000 per unit, was finished in 2010.

“Macedonia Gardens is located in an area of Camden where there is a significant need for affordable housing,” explained Cynthia Hannon, the Centerline originator who closed the deal.  “At Centerline, we continuously look to identify affordable housing opportunities that are attractive to our investors and also make a significant impact on the communities where they exist.”

Centerline Capital Group is a subsidiary of Centerline Holding Company and provides real estate financial and asset management for affordable and conventional multifamily housing.  It is a Freddie Mac seller-servicer, Fannie Mae DUS lender, FHA-approved mortgage provider and source for other forms of alternative capital.  Andrew Farkas is CEO of Island Capital Group, the largest shareholder of Centerline.

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.