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| Meadowrun Apartments, Pensacola, FL |
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| Monica Schroeder |
BETHESDA, MD – Beech Street Capital announced it provided a
$6.7 million Freddie Mac CME loan for the acquisition of Meadowrun, a
200-unit, garden-style apartment complex in Pensacola, Florida.
Chad Thomas Hagwood, executive vice president and Monica
Schroeder, vice president in Beech Street’s Birmingham, Alabama office,
co-originated the transaction. Brandon
Pate managed the transaction for Beech Street.
“The transaction is
an example of the benefits for the borrower of working with a team that
understands their business model and can provide one of the most streamlined
agency processes in our industry,” Hagwood says.
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| Chad Thomas Hagwood |
“We closed the deal in approximately 40 days.”
Having managed the
property, the borrower was in an excellent position to assess the value of
ownership.
Meadowrun is a well-maintained Class B apartment community
that consists of 17, two-story apartment buildings.
Since 2010, 45 units have been upgraded with new plumbing
fixtures, lighting fixtures, cabinets, flooring (carpet/vinyl), dishwashers and
countertops.
Community amenities include a clubhouse/leasing office with
wood-burning fireplace and wet bar, fully equipped fitness center with new
equipment, two swimming pools with Jacuzzi, laundry facilities, and landscaped
walking paths.
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| Brandon Pate |
The fixed-rate
loan has seven-year term and amortization of 30 years payable on an actual/360
basis.
For a complete
copy of the company’s news release, please contact:
Courtney Lewis at 240-507-1948 or
Jenifer Bernardi at 240-507-1946.
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