Beech Street Capital provides $9.35 million Freddie Mac CME loan; Lefkowitz of Meridian originated the financing

Beech Street Capital, LLC has provided a $9.35 million Freddie Mac CME loan for the acquisition of Trantor Place Apartments, a 178-unit, rent stabilized property. The transaction was originated by Meridian Capital Group, LLC, and was financed by Beech Street Capital as part of its correspondent relationship with Meridian. Key to the transaction was the borrower's plan to invest over $700,000 in capital improvements to the asset after purchase. The improvements, planned over the next two years, will further enhance the rent stabilized property which contributes to quality housing in the New York market. "Given the importance of maximizing proceeds, we chose to engage Freddie Mac who structured the deal to include the borrower's cap ex budget along with closing costs," said Mike Edelman, senior vice president of Beech Street Capital. "Freddie offered us 85% of the cost to purchase, which included the $700,000 in capital enhancement funds that were escrowed at closing." Barry Lefkowitz, the Meridian mortgage finance advisor on the transaction, said, "Although the financial markets remain volatile, Beech continues to beat the competition in rate, structure and service." Built in 1964-1966, the garden-style apartment complex is comprised of 16 three-story buildings situated on 5.7 acres. The fixed-rate loan has a term of ten years with two years interest-only.