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| MacArthur Park apartments, Clearwater, FL |
, BETHESDA, MD, JULY 23, 2013– Beech Street Capital, LLC,
announced today that it closed a $17.2 million Freddie Mac CME loan for the acquisition
of MacArthur Park, a 456-unit apartment complex in Clearwater,
Florida.
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| Mitch Sinberg |
Mitch Sinberg and Michael Wallace, senior vice
presidents of originations in Beech Street’s Fort Lauderdale office, originated
the transaction. The borrower was
Robbins Property Associates (RPA).
In addition to its ownership interests in apartment
communities, RPA currently manages 16 properties totaling 4,000 units,
primarily in Florida.
Built in 1975, MacArthur Park is a well-maintained
property. The previous owners invested
over $1.6 million in capital expenditures since 2008. It offers a unit mix of
one-, two-, and three-bedroom apartments.
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| Michael Wallace |
Approximately 35 percent are townhouses, which makes them
especially attractive for families.
Unit amenities include fully equipped eat-in kitchens, large walk-in
closets, linen closets, private patio/balconies, and extra storage.
The fixed-rate loan has a 10-year term, two years of
interest-only, 9.5 years of yield maintenance, and a 30-year amortizing
schedule.
For a complete copy of the company’s news release, please
contact:
Courtney Lewis
240-507-1948
Jenifer Bernardi
240-507-1946.
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