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| Huntington Place Apartments, Sarasota, FL |
BETHESDA, MD, JUNE 12, 2013 – Beech Street Capital, LLC
announced today that it closed a $17.6 million Fannie Mae conventional loan for
the acquisition of Huntington Place, a 252-unit property in Sarasota,
Florida.
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| Mitch Sinberg |
Senior Vice Presidents Mitch Sinberg and Michael
Wallace, headquartered in Beech Street’s Fort Lauderdale office, originated
the transaction.
The borrower bought
Huntington Place off-market and had a tight timeframe for closing. In response, Beech Street created a
dedicated team to accelerate the underwriting.
“We do what it takes to deliver for the client,” Sinberg says. “In this case, we went from application to
closing in 30 days, which is what the client needed.”
A key element in the
approval of the application was the borrower’s commitment to invest a
significant amount of capital improvements over the life of the loan, making
such interior renovations as new carpets and vinyl flooring, new front doors,
new bathroom fixtures and flooring, and new kitchen appliances, countertops,
cabinets, and kitchen fixtures.
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| Michael Wallace |
“We’ve seen the
borrower complete similar improvements on other apartments that significantly
improved their marketability and cash flow, and we were confident that they
would follow through here,” Sinberg points out. “This is an example of the level of confidence that develops when
lenders and borrowers build a relationship by working together.”
The fixed-rate loan
has a 10-year term, with an interest only period at onset.
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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