Beech Street Capital, LLC has provided a $9.5 million Freddie Mac Capital Markets Execution loan to refinance 184 Noll St., a recently constructed, 32-unit mid-rise apartment building.
Aaron Appel 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 is a repeat Freddie Mac client and a local sponsor that specializes in new construction within the area. The property's construction was completed in 2011 and was 100% leased within two months, exhibiting the area's rental demand.
The fixed-rate loan has a seven-year term with 30-year amortization period.
184 Noll St. has access to Manhattan via the nearby L-Train (Morgan Ave. stop) located three blocks north of the property. In addition to the property's residential units, it offers 16 garage parking spaces and a roof deck with Manhattan views. Tags: