Tuesday, June 4, 2013

Beech Street Capital Closes $22.1 Million Freddie Mac Loan for Orlando, FL Apartments


  


      Highpoint Club Apartments, Orlando, FL


BETHESDA, MD – Beech Street Capital, LLC, announced that it closed a $22.1 million Freddie Mac CME loan for the acquisition of Highpoint Club, a 348-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 borrowers were concerned about the time it would take to complete the transaction,” says Wallace.  “We were able to move things along quickly so that they closed within the terms of their purchase and sale agreement.” 

 The borrowers’ extensive experience and the property’s excellent condition and superior amenities were also instrumental in facilitating the timeline.

 The 43 two-story buildings comprising Highpoint Club had been well maintained by the previous owner. 

Michael Wallace
Common area amenities include a swimming pool with spa, tennis and basketball courts, picnic areas with grills, a clubhouse with business center, a private dock on the community lake, Wi-Fi at the swimming pool and clubhouse, and a 24-hour fitness center.

 The units feature fully equipped kitchens with breakfast bars, spacious walk-in closets, wiring for intrusion alarm systems, full-size washer/dryer connections, vaulted 15-foot ceilings in select units, private ground floor entrances and foyers, and sunrooms.

 The fixed-rate loan has a seven-year term, one-year interest-only period, yield maintenance of 6.5 years, and a 30-year amortizing schedule.

 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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