BETHESDA, MD, JUNE 12, 2012– Beech Street Capital, LLC, announced today that it provided an $18 million Fannie Mae conventional loan to refinance 1550 Brickell (top left photo), a 138-unit apartment complex located in Miami, Florida.
Patrick Boyle (middle right photo), vice president based out of Beech Street’s Baltimore, Maryland office, originated the transaction.
The borrower, new to Beech Street, was pushing to rate lock quickly in order to take advantage of the low interest rate environment.
“We were able to lock in an extremely low interest rate and close this transaction right on schedule thanks to the smart, committed and hardworking team at Beech Street Capital,” states the borrower, Robert Green (bottom left photo), president of Green Development Group.
“I have been involved in many commercial loan transactions during my career and, candidly, I have never been involved with one that happened so fast and so smoothly. Beech Street greatly surpassed my expectations.”
The fixed-rate loan has a 10-year term with 9.5 years yield maintenance, and amortization of 30 years payable on an actual/360 basis.
For a complete copy of the company’s news release, please contact:
Courtney Lewis, 240-507-1948 or
Jenifer Bernardi, 240-507-1946.
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