Hagwood of Beech Street Capital originates $7.8 million Fannie Mae loan

Beech Street Capital, LLC has provided a $7.8 million Fannie Mae conventional loan for the refinance of Conifer Village Apartments, a 199-unit multifamily community. The transaction was originated by Chad Thomas Hagwood, executive vice president based out of Beech Street's Birmingham, Alabama office. The borrower, Jonathan Rosen of RCP General Inc., said, "Chad Hagwood and Beech Street are like the mailman—they always deliver." Conifer Village Apartments has an age-restricted HAP contract which was recently extended in 2010 for 20 years at a higher rental rate, with no re-stabilization reserve required. The property outperforms market rate (non-HAP) properties and consistently remains near 100% occupied with a constant waiting list of residents looking for government subsidized properties, suggesting that there is a shortage of such properties in the Syracuse market. The fixed-rate loan has a 10-year term with a 9.5-year yield maintenance payable on a 30-year amortization schedule. About Beech Street Capital, LLC Beech Street Capital, LLC 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 California, New York, Massachusetts, Illinois, Texas, Georgia, Alabama and Washington. Web site: www.beechstcap.com