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Brokerage
Posted: May 10, 2010
Beech Street provides $1.6 million in permanent financing for 64-unit apartment complex
Beech Street Capital, LLC provided a $1.6 million fixed-rate loan for the refinance of Steven's Walk Apartments. The transaction was originated by Beech Street Capital under the Fannie Mae DUS Small Loan program. Steven's Walk Apartments is a garden-style complex that consists of 64 multifamily units. The complex was constructed in 1965. The units have recently updated kitchen and bathrooms.
The fixed-rate loan has a term of five years, with three years of yield maintenance, and a 30-year amortization schedule on an actual/360 basis. The loan was structured to provide the borrower with flexible pre-payment options.
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