Beech Street Capital Provides $16 Million to Acquire Florida Apartments

  

JUNE 22, 2011, BETHESDA, MD – Beech Street Capital, LLC announced today that it has provided a $16 million Fannie Mae conventional loan for the acquisition of Sawgrass Cove Apartments (top left photo), a 336-unit property in Bradenton, Florida. 

Beech Street is a Fannie Mae DUS® lender, a Freddie Mac Program Plus® Seller Servicer, and an FHA Multifamily Accelerated Processing (MAP) and LEAN lender.

 “This transaction exemplifies Beech Street’s ‘Above and Beyond’ philosophy,” noted Grace Huebscher (lower right photo), Beech Street’s president and CEO.  “As soon as we received the loan request for the acquisition, we took action to expedite the process because we appreciated that time was critical for the borrower.”

 Even before the loan application was executed, the Beech Street underwriting team—consisting of Jeff Lee, Brian Hayes, and Gerald Tremblay—had made plans to conduct a site visit.

 “Beech Street Capital was a pleasure to work with.  Their team was extremely nimble and accommodating, and exceeded our expectations on time.  I would strongly recommend the Beech Street Capital team to any multifamily borrowers in the market,” commented Arvind Chary, a key principal on the deal from Atlas Real Estate Partners—a real estate investment firm that specifically seeks multifamily and note acquisitions in New York, Massachusetts, Florida and Texas.

Built in 1991, Sawgrass Cove is conveniently located a short distance from the Gulf of Mexico, close to the DeSoto Square Mall and the Pinebrook-Ironwood Golf Course. 

The complex is built around a central lake, and units feature screened balconies, patios with storage closets, floor-to-ceiling windows, and fireplaces.  Residents can use the fitness center, the resort-style pool, and lighted tennis courts, among other amenities.

 The fixed-rate loan has a term of 10 years, five years interest-only, with 9.5 years of yield maintenance and a 30-year amortization schedule payable on an actual/360 basis.

 Contact: Jenifer Bernardi, jbernardi@beechstcap.com

 Web site: www.beechstcap.com