BETHESDA, MD – Beech Street Capital, LLC, announced that it provided $14.6 million in Fannie Mae DUS loans to refinance a portfolio of three affordable apartment complexes totaling 402 units in the Nashville, Tennessee MSA. The borrower, CAPREIT, wished to close on two of the properties—Cedar Ridge and Green Wood—as quickly as possible due to an impending maturity, while closing Meadow Wood on a more standard timeframe.
Beech Street was able to meet both these directives, closing on the first two properties in just 35 days. The transaction was originated by Jacob Katz of Meridian Capital Group, LLC, and was financed by Beech Street Capital as part of its correspondent relationship with Meridian.
Beech Street refinanced a smaller portfolio for the borrower in 2011. “Our familiarity with the company combined with its reputation surrounding affordable properties helped us move the process along quickly,” says Matt Legge, senior vice president of credit. “We could have closed all three properties in 35 days if that had been what the borrower wanted.”
The three properties are Section 42 Low Income Housing Tax Credit (“LIHTC”) communities and were purchased by the borrower in 2006.
Richard Kadish (top right photo), CAPREIT’s president, praised Beech Street for its prompt execution. “Beech Street’s hard work and diligence in getting the refinancing closed in such a timely fashion were greatly appreciated,” he says. Since 1993, CAPREIT has been involved in over 200 multifamily communities, containing over 30,000 rental and condominium apartment homes.
The fixed-rate loans have 10-year terms with 9.5 years yield maintenance and amortization of 30 years payable on an actual/360 basis.
For additional information, contact:
Courtney Lewis
240-507-1948
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