BETHESDA, MD – Beech Street Capital, LLC announced that it closed a $23.5 million HUD 223(f) loan for the refinance of Carriage Parc Apartments (top left photo), a 316-unit multifamily complex in Chattanooga, Tennessee.
The transaction was originated by Chad Thomas Hagwood (middle right photo) executive vice president based out of Beech Street’s Birmingham, Alabama office.
The borrower developed Carriage Parc Apartments in 1998 and has since owned and managed the complex. Facing an upcoming maturity date on the existing loan, the borrower turned to the Beech Street team for financing. “The borrower has a proven track record of successfully developing and operating multifamily projects in the southeast,” states Tyler Griffin, vice president of FHA credit. “That, together with Beech Street’s familiarity with the HUD process, created a streamlined transaction from start to finish.”
Carriage Parc Apartments is located in the Chattanooga MSA, in the East Brainerd neighborhood of Hamilton County, just east of downtown Chattanooga.
For a complete copy of the company’s news release, please contact:
Courtney Lewis
240-507-1948
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