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| Crystal Palms, Boca Raton, FL |
BETHESDA, MD – Beech Street Capital, LLC, announced it
closed a $16.5 million Fannie Mae conventional loan to refinance Crystal
Palms, a 175-unit garden-style multifamily property in Boca Raton, Florida.
Brian Sykes, vice president in Beech Street’s Boston
office, originated the deal. The
borrower, Scully Company, currently operates 30 properties in Pennsylvania, New
Jersey, Connecticut, and Florida and manages garden and high-rise communities
ranging in size from 88 to 1,000 units.
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| Brian Sykes |
Beech Street
constantly monitors market conditions and was able to close the transaction at
a lower rate with higher proceeds than was communicated at application. The
borrower’s “all in rate” was extremely attractive. “Beech Street got the job
done and exceeded our expectations,” said Mike Scully, cochairman of
Scully.
Crystal Palms
consists of two-story, garden-style buildings, each with lanais. Amenities include a pool, fitness center,
and tennis courts. It is located in an
attractive residential area, close to shopping and major highways.
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| Michael Scully |
The fixed-rate loan
has a seven-year term, with 6.5 years yield maintenance and a 30-year
amortizing schedule.
For a complete copy of the company’s news
release, please contact:
Courtney Lewis at
240-507-1948
Jenifer Bernardi
240-507-1946.
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