Tuesday, August 13, 2013

Beech Street Capital Closes $19.9 Million Loan for Fractured Condos in Fort Lauderdale, FL


Colonnade Apartments, Sunrise, FL
  
BETHESDA, MD,  AUG. 13, 2013 – Beech Street Capital, LLC, announced today that it closed a $19.9 million loan to refinance Colonnade Apartments, a 230-unit garden-style apartment complex in Sunrise, Florida, in the Fort Lauderdale MSA.

Mitch Sinberg
  Senior Vice Presidents Mitch Sinberg and Michael Wallace, headquartered in Beech Street’s Fort Lauderdale office, originated the transaction. 

 Beech Street utilized its relationship with City National Bank to create a structure that would allow the borrower to refinance their existing debt while providing them with a future funding component and flexible prepayment terms. Once all the units are repurchased the borrower will have options for sale or refinance with a minimal prepayment penalty.

 Colonnade Apartments is located in close proximity to Sawgrass Mills Mall, one of the largest enclosed shopping malls in the country and a major tourist destination.

Michael Wallace
 It also has excellent access to major highways and the Sawgrass International Business Park. Amenities include a resort-style swimming pool and spa, fitness center, business center, garage parking, lounge, gated access, outdoor gathering/grill areas and a clubhouse.

 The floating-rate loan has a three-year term with a one-year extension option.

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

Courtney Lewis
240-507-1948 or

Jenifer Bernardi
 240-507-1946.


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