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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