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| 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.
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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.
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.
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| 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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