HOUSTON-New York City-based Centerline Capital Group reports it provided $186 million in floating rate financing for the recently announced nine-property Houston-area multifamily property portfolio purchase by Gaia Real Estate and partners Menora Mivtachim Insurance and the Grand China Fund.

The Class-A multi-family, garden style residential properties in the portfolio range from 200 to 400 units each and total 2,594 units overall. The properties are located within the Medical Center, Northwest and North Houston submarkets and are all high-end rentals built between 1998 and 2006, according to Centerline officials. One of the properties added to the Gaia Real Estate portfolio was the Enclave at Mary's Creek apartment community in Pearland, TX.

With its latest acquisition Gaia Real Estate now has more than 15,000 residential units under management with 4,591 units spread throughout 15 properties in Houston and 9,428 units across 33 properties in Texas. Gaia Real Estate is headquartered in New York City. Gaia Property Management is headquartered in Houston.

“The borrower and its partners are all seasoned commercial real estate owners and operators," said Vic Clark, managing director at Centerline. "The properties are all extremely well located in submarkets with strong demographics that benefit from a solid and diverse employer base. The Houston economy continues to outperform other major U.S. markets, and the Gaia portfolio is well positioned to capture the growth within the city's rental supply. We are pleased that this complex transaction came together so well–it was a trophy deal for Centerline.”

“We are very pleased to secure this off-market transaction and add to our growing Texas portfolio,” said Gaia's Managing Partner Amir Yerushalmi. “We are thankful for the continued trust from our investors and we look forward to generating great results by implementing our professional, efficient and creative property and asset management.”

Clark and Colin Cross led the Centerline team in originating the portfolio financing. Duke Stone of Churchill Capital Company positioned the Borrower to obtain said financing.