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Centerline Holding Company Closes Financing Agreement

^{Published on 2008-12-23 08:39:26, Last Modified on 2008-12-23 08:40:27 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Centerline Holding Company (OTC:CLNH) ("Centerline" or the "Company"), the parent company of Centerline Capital Group, a provider of real estate financial and asset management services, today confirmed it closed an agreement with its bank lenders modifying the Company's corporate debt facilities and extending the maturity date of its term loan to December 31, 2009 and its revolving credit facilities to September 30, 2010. With the previous refinancing of certain of the Company's CMBS assets, Centerline now has no corporate debt maturities prior to the end of 2009.

According to Marc D. Schnitzer, CEO and President, "Closing our financing agreement reflects the confidence of our seven bank lenders in the stability and strength of our platform as well as the quality of our people."

Centerline (formerly CharterMac) has been in continuous operation since its founding in 1972. "We have been in business for over 36 years," noted Mr. Schnitzer. "We are doing business today and we intend to continue doing business. And we intend to maintain our same high service delivery level as we develop new products and innovations to meet the challenges of the changing real estate capital markets."

About Centerline Capital Group

Centerline Capital Group, a subsidiary of Centerline Holding Company (OTC: CLNH), provides real estate financial and asset management services, including institutional debt and equity fund management, mortgage banking and primary and special loan servicing. As of September 30, 2008, Centerline had more than $14 billion of assets under management. Centerline is headquartered in New York, New York and has eight offices throughout the United States. For more information, please visit Centerline's website at [ http://www.centerline.com ] or contact Elizabeth Haukaas at 212.521.6453.

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. These risks and uncertainties include the impact on the Company's share price of its delisting from the NYSE and listing on the OTC market. Other risks and uncertainties are detailed in Centerline Holding Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, and include, among others, adverse changes in real estate markets, general economic and business conditions; adverse changes in credit markets and risks related to the form and structure of our financing arrangements; 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 from direct and indirect investments in commercial mortgage-backed securities and collateralized debt obligations; 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.