Beech Street Capital Provides $20.2 Million Freddie Mac Loan for Miami, FL Apartments

  

BETHESDA, MD, MAY 8, 2012 – Beech Street Capital, LLC, announced today that it provided a $20.2 million Freddie Mac CME loan to refinance Horizons North Apartments, a 276-unit garden-style apartment complex in Miami, Florida.

Joel Mazur (middle right photo), vice president out of Beech Street Capital’s Chicago office, originated the transaction.

 The borrower, a repeat client of Beech Street, purchased the property in 1999 and was facing an upcoming loan maturity deadline.

Having secured financing for the borrower earlier this year, Beech Street’s familiarity with the client and expertise in the agency space allowed for a smooth execution from start to finish, closing the transaction in 40 days from the receipt of the application.

“The Beech Street team was responsive and accommodating to the borrower’s needs,” states Mazur. “This was the borrower’s second transaction with us, and they were once again impressed.” The borrower has over 20 years of experience with multifamily properties in the Florida market with six properties in Florida consisting of 1,182 units.

 Built in 1982, recent capital expenditures have been made over the past year, and the borrower plans to make more improvements over the next year as well. 

The area immediately surrounding the property consists of condominiums and single family housing, with various retail stores within walking distance including grocery stores, assorted retail and restaurants.  

 Amenities include a community pool, heated spa, playground, fitness center, a combination leasing office/clubhouse with a full-size kitchen and several small offices/meeting rooms. A large lake directly borders the property on the northwest.

 The fixed-rate loan has a seven-year term with two years of interest-only.

Contact:  Courtney Lewis, 240-507-1948