BETHESDA, MD – Beech Street Capital, LLC announced it provided $20.4 million in Freddie Mac Capital Markets Execution loans for the acquisition of Golf Villas at Sabal Palm and Palo Verde.
David Hayum originated the transactions for Meridian Capital Group, LLC, which was financed by Beech Street Capital as part of its correspondent relationship with Meridian.
The borrower, a repeat client of Beech Street, was impressed with the execution of Golf Villas, their first with Freddie Mac.
“We worked with Freddie Mac to meet the borrower’s acquisition timeline,” states Rick Del Roio, deputy chief underwriter. “Pleased with the transaction, the borrower signed up a second Freddie acquisition with us to finance another West Palm Beach apartment complex, Palo Verde.” The transactions closed one month apart.
Golf Villas at Sabal Palm, a 166-unit apartment complex, is located in the city of West Palm Beach, Broward County, approximately 15 miles from downtown Fort Lauderdale business district, with convenient access to Interstate 95, the Florida Turnpike, and the Sawgrass Expressway.
Built in 1987, the property consists of nine, two-story apartment buildings and one leasing office. Amenities include a swimming pool and spa, a cabana changing facility, tennis courts, a laundry facility, as well as 279 open parking spaces.
Palo Verde, a 276-unit apartment complex, is located in West Palm Beach, approximately six miles southwest of the West Palm Beach central business district. Interstate 95, the Florida Turnpike, Palm Beach International Airport and
The fixed-rate loans have a 10-year term and a 30-year amortization schedule.
For a complete copy of the company’s news release, please contact:
Courtney Lewis
240-507-1948 or
Jenifer Bernardi
240-507-1946.
.Web site: www.meridiancapital.com
Web site: www.beechstcap.com
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