BETHESDA, MD – Beech Street Capital, LLC announced that it closed a $25 million Freddie Mac CME loan to refinance Stone Ridge at Somerby Park (top left photo), a 317-unit apartment complex in Mobile, Alabama.
The transaction was originated by Chad Thomas Hagwood (middle right photo), executive vice president based out of Beech Street’s Birmingham, Alabama office.
The borrower constructed the property in 2008 and was looking to refinance the existing loan, while taking advantage of low interest rates. Having recently closed a Freddie Mac acquisition loan with Beech Street for a 152-unit apartment complex in Brooksville, Florida, the borrower was confident that the lender could deliver
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Stone Ridge at Somerby Park is located in west Mobile and is about nine miles west of the Mobile central business district. The property has convenient access to I-65 and I-10, as well as access to employment centers, shopping, and institutional developments including the Mobile Regional Airport and the University of South Alabama.
“This transaction represents Beech Street’s increasing presence in the southeast and exemplifies the bright outlook for the west Mobile apartment market growth,” states Hagwood.
The property consists of nineteen, two and three-story buildings on over 21 acres, and has a corporate concentration of approximately 23 percent of the total units. Amenities include an outdoor swimming pool, 24-hour cardio/fitness center, business center, playground, picnic/grilling areas, dog-walk park, and car care facility.
The fixed-rate loan has a 10-year term with a two-year interest-only period followed by a 30-year amortization schedule.
Contact:
Courtney Lewis, 240-507-1948 or
Jenifer Bernardi, 240-507-1946.
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