Beech Street Capital Closes $8.5 Million Loan to Refinance Tampa, FL Apartments

   Avenue Club Apartments, Tampa, FL

                             

BETHESDA, MD,  JUNE 6, 2013 – Beech Street Capital, LLC announced today that it closed an $8.5 million Fannie Mae conventional loan to refinance Avenue Club Apartments, a 216-unit apartment complex in Tampa, Florida. 

Brian Sykes

This is the third transaction the borrower has completed with Beech Street since 2011.  Brian Sykes, senior vice president of originations in Beech Street’s Boston office, originated the transaction.  

  The fixed-rate loan has a 10-year term, 9.5 years of yield maintenance, two-years of interest only with 30 years of amortization thereafter, payable on an actual/360 basis.

 The borrower purchased the property in 2011 and immediately began a program of capital improvements that included a new clubhouse with fitness center, landscaping, and exterior painting. 

Thanks to these measures, occupancy has increased dramatically, rents have gone up, and the property’s value has risen substantially.  The borrower’s goal was to maximize the proceeds of the loan in order to recapture their equity investment in the apartments. 

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

Courtney Lewis

 240-507-1948

Jenifer Bernardi

240-507-1946.