Hirsch and Majeski of Beech Street Capital originate $26.3m loan

Beech Street Capital, LLC provided a $26.3 million Freddie Mac Capital Markets Execution loan for the acquisition of The Landings at Pine Lake, a 520-unit apartment complex. Abe Hirsch and Moshe Majeski 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, Azure Partners LLC is a repeat Freddie Mac client with over 20 years of real estate experience. "We have done many loans with Fannie and Freddie on prior transactions and Beech Street's execution in procuring this loan was flawless," said Arthur Rosenberg, CEO of Azure. "It was really as smooth as one could hope for and we will be doing more business with Beech Street in the near future." The fixed-rate loan has a 10-year term and three years interest-only. The Landings at Pine Lake is located in within Camden County and part of the Philadelphia MSA, approximately 15 miles southeast of the Philadelphia central business district. The property benefits from convenient access to employment centers, shopping, and major thoroughfares. The property, currently 95 percent occupied, consists of 46, three-story apartment buildings and a leasing center. Built in 1971 and 1976 originally as a condominium project, the property is situated on over 36 acres of land with Pine Lake as the centerpiece of the community. The seller of the property was a large pension fund that had continuously invested in the property. The property was renovated in 2004-2006 and includes desirable amenities such as a brand-new bark park, fitness center with lake view, tennis courts, swimming pool and spa, community garden, jogging paths, clubroom, and an E-lounge with a library. Additionally, the property offers 766 open parking spaces.