Beech Street Capital closes $16.87 million loan

According to Beech Street Capital, LLC, it has provided a $16.87 million Fannie Mae conventional loan for the refinance of a building on Allerton Ave. The apartment complex contains 144 units. David Hayum originated the transaction for Meridian Capital Group, LLC, which was financed by Beech Street Capital as part of its correspondent relationship with Meridian. The borrower, new to Beech Street, purchased the property in 2008 and was facing an upcoming maturity date on their existing loan. Beech Street immediately responded, gathering the essential due diligence before application. "The borrower is definitely a convert," said Hayum. "Beech Street demonstrated their resourcefulness and expertise. Compared to other agency lenders, the experience was amazing." Allerton Ave. represents three separate parcels, located within the Bronxdale neighborhood. The property is near the Allerton Ave. 2 and 5 train stops, providing convenient access to Manhattan and its surrounding employment centers. Since acquisition, the borrower has invested over $800,000 in capital improvements and the property is currently over 96% occupied with several rent-stabilized units. The fixed-rate loan has a seven-year term with 6.5 years of yield maintenance and a 30-year amortization. Beech Street Capital, LLC is a mortgage banking company engaged in originating, underwriting, closing, and servicing high-quality multifamily mortgage loans for existing and proposed apartment buildings and manufactured home communities throughout the United States. Beech Street is a Fannie Mae DUS lender, a Freddie Mac Program Plus Seller Servicer, and an FHA MAP and LEAN lender. Headquartered in Bethesda, Maryland, Beech Street has offices in Alabama, California, Florida, Georgia, Illinois, Massachusetts, New York, Texas, and Washington. Web site: www.beechstcap.com About Meridian Capital Group, LLC Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage, and construction properties.