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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