BETHESDA, MD – Beech Street Capital, LLC, announced that it provided a $16.3 million Fannie Mae conventional loan to refinance Jacaranda Village at Plantation (top left photo), a 296-unit apartment complex in Plantation, Florida.
Brian Sykes (middle right photo), vice president out of Beech Street Capital’s Boston office, originated the transaction.
Scully Company, based in Philadelphia and South Florida, a first time client of Beech Street, approached the lender with a request to pay off existing lower floating tax exempt bonds with low leverage fixed-rate debt.
Beech Street worked closely with the borrower and provided a variety of refinancing options at different terms and leverage points. The borrower selected a seven-year fixed-rate option with Fannie Mae.
“The Beech Street team did a fine job,” stated Michael Scully, principal of the Scully Company. “They were able to rate lock and close the loan with higher proceeds and at a lower rate than what was quoted at application.”
Built in 1985, the property is located in the Plantation submarket of the Fort Lauderdale MSA. The area is comprised of residential housing neighborhoods with plenty of retail shopping centers within walking distance that include convenience stores, restaurants, offices, grocery stores, and various other retail and services.
Amenities include a community pool, children’s pool, heated spa, two tennis courts, playground, volleyball court, fitness room and a combination leasing/clubhouse with a full-size kitchen and several small offices.
The fixed-rate loan has a seven-year term and four years interest-only with a 30-year amortization thereafter, payable on an actual/360 basis.
Contact:
Jenifer Bernardi,
240-507-1946.
Courtney Lewis,
240-507-1948
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