BETHESDA, MD – Beech Street Capital, LLC announced it has provided a $9.5 million Fannie Mae conventional loan for the acquisition of Oak Grove Apartments (top left photo), a 369-unit apartment complex located in Miami, Florida.
The transaction was originated by David Hayum of Meridian Capital Group, LLC, and was financed by Beech Street Capital as part of its correspondent relationship with Meridian.
Beech Street was able to satisfy the borrower’s request of a short sale acquisition with great efficiency. The company completed the underwriting package and was positioned to rate lock prior to the 15 day due diligence period after approval from the special servicer, a requirement of a short sale acquisition.
“The entire process was incredibly smooth,” comments Mose Popack, one of the key principals on the deal.
“It would have been great for a savings bank and is remarkable for an agency loan.” Hayman adds, “Beech Street was also able to provide the borrower with their revised request loan term of five years at the original application amount of $9.5 million versus a 10-year loan term.”
Over the past four years, the property has undergone over $2 million in capital improvements and the current borrower plans to make renovations to units upon turnover.
Located in North Miami, the property is surrounded by a public park with recreational activities, multifamily properties and other neighborhood serving retail and services. Common amenities include an on-site leasing office, gated access, three swimming pools, barbeque / picnic area, and 24-hour emergency maintenance.
The fixed-rate loan has a term of five years with 4.5 years of yield maintenance, 30-year amortization, and actual/360 interest accrual.
Contact:
Jenifer Bernardi
Web site: www.meridiancapital.com
Web site: www.beechstcap.com
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