Thursday, December 6, 2012

Beech Street Capital Closes $16.5 Million Fannie Mae Loan for Boca Raton, FL Apartments

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.

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. 

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

Jenifer Bernardi  

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