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Posted: April 11, 2011
Beech Street Capital closes $27.85 million Freddie Mac loan
Beech Street Capital, LLC provided a $27.85 million Freddie Mac Program Plus loan to refinance three properties. The transaction was originated by Meridian Capital Group, LLC and was financed by Beech Street Capital as part of its correspondent relationship with Meridian.
The portfolio consists of three, garden-style properties totaling 412 multifamily units and includes the 156-unit Hills at Leigh, the 176-unit Meadows at Leigh and the 80-unit Waters Edge. Each property received interior and exterior upgrades between 2006 and 2010. They are owned by The Solomon Org., owner-operator of 10,000 apartments, town homes, and residences in N.Y., N.J., and Pa.
The fixed-rate loan for each property has a term of seven years, with two years interest-only, 6.5 years of yield maintenance and a thirty-year amortization schedule payable on an actual/360 basis.
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