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 the MultiFamily Executive and National Multi Housing Council lists 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.