Beech Street provides $27.2 million Freddie Mac loan to refinance New Jersey complex

Beech Street Capital, LLC has provided a $27.2 million Freddie Mac CME loan to refinance Steward's Crossing Apartments, a 240-unit garden-style apartment complex. The property is owned by Merion Realty Partners. Jim Bologno of Meridian Capital Group, LLC originated the transaction, which was financed by Beech Street Capital as part of its correspondent relationship with Meridian. Beech Street was given the opportunity to refinance the deal, its first transaction with Merion, because it could execute with certainty and meet the owner's tight deadlines. It cemented the relationship by delivering additional proceeds through a better-than anticipated spread and additional interest-only years. Beech Street was also able to secure a 12-month waiver for immediate repairs. Richard Aljian, president of Merion said, "Given the high volume of transactions that the agencies face at year end, we were very impressed that Beech Street was able to close in 48 days from application." Bologno adds, "This is the kind of responsiveness that we've come to expect from Beech Street. We knew from the very start of the deal that they would work extremely hard to exceed the expectations of the borrower." Amenities at Steward's Crossing include on-site parking, pool, clubhouse, 24-hour fitness center, business center, picnic tables, grills, park benches, lighted tennis courts, a four-hole putting green, and scenic trails. Of its 240 units, 36 are considered affordable housing under New Jersey's COAH Affordable Housing Program. The fixed-rate loan has a seven-year term, 6.75 years of yield maintenance, and an initial three-year interest-only period followed by a 30-year amortization schedule on an actual/360 basis.