Wednesday, May 22, 2013

Beech Street Capital Closes $18 Million Freddie Mac Loan for Orlando, FL Apartments



 

                                           Cornerstone Apartments, Orlando, FL

BETHESDA, MD – Beech Street Capital, LLC, announced today that it closed a $18.0 million Freddie Mac fixed-rate loan for the acquisition of the Cornerstone Apartments, a 430-unit garden-style apartment complex in Orlando, Florida.  

Mitch Sinberg
Senior Vice Presidents Mitch Sinberg and Michael Wallace, headquartered in Beech Street’s Fort Lauderdale office, originated the transaction. 

 The property had been lender-owned since March 2010 and managed by a third-party management company, which had been successful in raising occupancy and enhancing overall performance.

  The borrowers are committed to increasing the economic return on the property even further, instituting a capital improvement program to eventually renovate all units.

Michael Wallace
“The borrowers’ demonstrated commitment to improving the property was a factor that weighed favorably with Freddie Mac,” says Wallace.  “This helped us accelerate the process so that they closed within the terms of their purchase and sale agreement.”

 The borrowers’ improvement plans include  kitchen and bath upgrades, installation of washer/dryers in all units, new cabinetry, countertops and fixtures, wood plank flooring, stainless appliances, ceiling fans, wood blinds, and two-tone paint as well as common area amenities including the fitness center and pool updates. 

 The fixed-rate loan has a 10-year term, two-year interest-only period, yield maintenance of 9.5 years, and a 30-year amortizing schedule.

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

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

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