Beech Street Capital Provides $5 Million Freddie Mac Loan to Acquire Mississippi Apartments

The Royal Gulf Apartments, Biloxi, MS

Chad Thomas Hagwood

OCTOBER 1, 2013, BETHESDA, MD –Beech Street Capital, LLC announced today that it has provided a $5 million Freddie Mac CME loan for the acquisition of The Royal Gulf Apartments, a 144-unit garden-style apartment complex located in Biloxi, Mississippi.

Chad Thomas Hagwood, executive vice president of loan originations in Beech Street’s Birmingham, Alabama office, originated the loan. This is the borrower’s third transaction with Beech Street. 

Bill Butler

 Beech Street was able to underwrite around the newly created entity, and together with Freddie Mac, turned the deal around very quickly to meet the timeline of the borrower.   “We once again put our trust into Beech Street’s ability, and they came through for us,” states Bill Butler, Engel Realty Company.

 Built in 1996, The Royal Gulf Apartments is considered a Class B asset and is located along the Gulf of Mexico with close proximity to the beach and within 12 minutes from Downtown Biloxi, Keesler Air Force Base, and Gulfport.

 The fixed-rate loan has a 10-year term with 30 years of amortization.

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

Courtney Lewis or

240-507-1948

Jenifer Bernardi

 240-507-1946.  

www.beechstcap.com