Hunt Cos. has completed its acquisition of Centerline Holding Co.
Under the deal, a Hunt affiliate became, through a merger, the sole holder of Centerline’s common shares. The transaction means that Centerline will operate as a Hunt subsidiary, announced Hunt officials.
Headquartered in El Paso, Texas, Hunt is a privately owned real estate investor, developer, and manager. The acquisition brings Hunt’s assets under management to $24.8 billion and nearly doubles Hunt’s multifamily units under management from 141,325 to 278,408.
Hunt and Centerline are No. 2 and No. 3, respectively on Multifamily Executive’s list of Top 50 largest apartment owners, behind Boston Capital. The acquisition positions Hunt to move to the top of the list.
In a news statement, Hunt said the deal significantly expands its affordable housing asset management business by adding $9.2 billion in investor equity under management in 113 funds that have approximately 138,000 units.
The move also gives Hunt a national mortgage-banking platform offering Fannie Mae, Freddie Mac, Federal Housing Administration, commercial mortgage-backed securities, and other debt products while servicing $12.4 billion of loans.