Tuesday, May 7, 2013

Beech Street Capital Closes $10 Million Fannie Mae loan to Refinance Springfield, TN Apartments




                 Legacy Village Apartments, Springfield, TN


BETHESDA, MD – Beech Street Capital, LLC announced it has provided a $10 million Fannie Mae DUS loan for the refinance of Legacy Village Apartments, a 212-unit apartment complex in Springfield, Tennessee.

Damon Reed
The transaction was originated by Damon Reed, vice president based out of Beech Street’s Birmingham, Alabama office.

The first time borrower purchased Legacy Village in 2011 and was looking to retire existing debt, cover closing costs and escrow funds required for completion repairs. .

The borrower has over 30 years of experience in various aspects of commercial and residential real estate including acquisition, renovation, construction and management. 

 The property is located in Robertson County, part of the Nashville MSA, and is in close proximity to several major arteries of transportation which provide direct access to downtown Nashville. Springfield is located 30 miles north of Nashville and 12 miles from the Kentucky state line.

 The property consists of twenty-nine, two-story buildings on over 15 acres.  Amenities include a community pool, fitness center, car care facility and a children’s playground. 

The fixed-rate loan has a 10-year term with a 30-year amortization schedule with an all in interest rate in the high three percent range.

 For a complete copy of the company’s news release, please contact:

Courtney Lewis
 240-507-1948  
Jenifer Bernardi
240-507-1946.

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