Beech Street Capital Closes $15.2 Million Fannie Mae Loan to Acquire Naples, FL Apartments

Meadow Brook Preserve Apartments, Naples, FL

 BETHESDA, MD – Beech Street Capital, LLC, announced it closed a $15.2 million Fannie Mae conventional loan used to acquire Meadow Brook Preserve Apartments, a 268-unit multifamily complex in Naples, Florida.

Mitch Sinberg and Michael Wallace, senior vice presidents in Beech Street’s Florida offices, originated the transaction.

 The transaction represents Sinberg and Wallace’s third closing since they joined Beech Street in May of this year and Beech Street’s fourth deal with the borrower, Atlas Real Estate Partners, an entrepreneurial real estate investment firm with a specific focus on multifamily acquisitions in Florida, Texas, and Massachusetts.

Mitch Sinberg

In just six months, Sinberg and Wallace, who head up the Florida offices, have closed close to $100 million in agency debt for new acquisitions. “Our experience in the Florida market, as well as our knowledge of the agencies has helped us to get off to a strong start,” states Wallace.

Sinberg adds, “Everyone at Beech Street goes into every transaction determined to exceed client expectations. That’s the way you generate repeat business.” And it’s repeat business that’s behind Beech Street’s strong run in Florida and nationwide.

Michael Wallace

Since October 2010 the property has undergone over $1 million in renovations and is in excellent condition. The borrower plans to complete additional renovations upon acquisition.

The property is located in North Naples within Collier County, approximately 11 miles from downtown Naples. Conveniently situated, the property is a half mile from Route 41, the major commercial thoroughfare through Naples, and four miles from Interstate 75 which provides access throughout Florida.

  The neighborhood is a new and growing area of Naples that consists of a mixture of single family homes, apartment properties, retail, and nature preserves, as well as a Greyhound race track and numerous golf courses.  Amenities include a clubhouse, fitness center, swimming pool, soccer field, and dog park.  

 The fixed-rate loan has a 10-year term and five years of interest-only.

Contact

Courtney Lewis

 240-507-1948

 Jenifer Bernardi

240-507-1946.