Beech Street Capital finances $12.5 million Fannie Mae loan; Originated by Grussgott of Merdian Capital

Beech Street Capital, LLC has provided a $12.5 million Fannie Mae conventional loan to refinance The Simone, a new, ground-up construction building. The transaction was originated by Meridian Capital Group, LLC, and was financed by Beech Street Capital as part of its correspondent relationship with Meridian. This was the first agency loan for the borrower and their first experience with Beech Street. Beech Street delivered on the borrower's requests for a low rate and maximum proceeds, and expeditiously rate locked the transaction 30 days after receiving the application. With over 25 years of experience in the real estate industry, the borrower currently owns 10 apartment properties in New Jersey and New York. Charles Grussgott the Meridian mortgage finance advisor on the deal was impressed with Beech Street's efficiency and agency expertise, as this was his first experience with Beech Street as well. "This was one of the best experiences I have had with a lender. The Beech Street team did an excellent job from start to finish," said Grussgott. The fixed-rate loan has a 10-year term and 30 years of amortization payable on an actual/360 basis. Built and completed by the borrower in early 2011, The Simone consists of 50 multifamily apartment units in a four-story building. Located in Hudson County, across the Hudson River from Manhattan, the property exhibited a very strong lease-up rate over the last 10 months and beginning in July, the property achieved 85% occupancy. It is currently 100% occupied and according to the appraiser, Realty Services Inc., the demand for housing in the subject's market exceeds supply.