Beech Street Capital provides $20.9 million Fannie Mae loan; Weinstock and Texler handle deal for Meridian Capital

Beech Street Capital, LLC has provided a $20.9 million Fannie Mae conventional loan for the acquisition of Gramercy East Apartments. Avi Weinstock and Matt Texler handled the transaction for Meridian Capital Group, LLC, which was financed by Beech Street Capital as part of its correspondent relationship with Meridian. The repeat borrower had a relatively tight closing timeframe for the acquisition of Gramercy East, the borrower's third transaction with Beech Street. The lender was able to meet this timeline, as well as provide a very low interest rate. "Beech Street's execution is unparalleled for a DUS lender," said Texler. "The sponsor, a highly-regarded and active New York City real estate owner, was once again impressed." Built in 1974, the property is a 117-unit mid-rise apartment complex with one 6,000 s/f health club. The fixed-rate loan has a 10-year term. Beech Street 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. 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.