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| Ashton Oaks Apartments, New Port Richey, FL |
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| Chad Thomas Hagwood |
BETHESDA, MD – Beech Street Capital announced it provided a
$7.4 million Fannie Mae conventional loan for the acquisition of Ashton Oaks
Apartments, a 168-unit, garden-style apartment complex in New Port Richey,
Florida, in the Tampa MSA.
Chad Thomas Hagwood, executive vice president for
originations in Beech Street’s Birmingham, Alabama, office, originated the
transaction.
Brandon Pate of the Birmingham deal team managed the
loan process. This is the third
transaction that the borrower, with over 30 years of commercial real estate
experience in Florida markets, has completed with Beech Street.
“The transaction underscores Beech Street’s deep knowledge
of the evolving Florida market,” Hagwood says. “This is the second community
we’ve financed for the borrower in a 20-mile radius.”
Ashton Oaks was
built in 2005 and is considered in excellent condition. It was originally constructed as an
age-restricted (55+) senior community with elevators in each building. It was
converted to a market apartment community in 2007.
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| Brandon Pate |
All of the units
have a carpeted living area and vinyl/ceramic tile kitchen floors, wood
cabinetry, balconies/patios, ranges, dishwasher, washer/dryer, and
refrigerators.
The fixed-rate loan
has 10-year term, 9.5 years of defeasance, and a one-year interest-only period,
followed by 30-years amortization payable on an actual/360 basis.
Beech Street Capital, a Capital One company, is a mortgage
banking company engaged in originating, underwriting, closing, and servicing
high-quality multifamily, manufactured housing, student housing, senior living properties
and long-term care facilities nationwide.
Our multifamily and seniors housing
experts customize each transaction to meet the needs of our borrowers with
Fannie Mae, Freddie Mac, FHA, and non-agency lending sources. Beech Street is
headquartered in Bethesda, Maryland, Beech Street has offices in Alabama,
California, Florida, Georgia, Illinois, Massachusetts, New York and Texas.
Chad Thomas Hagwood, executive vice president of
originations, manages the southeastern region for Beech Street Capital and is
based in the company’s Birmingham office.
Hagwood is actively involved in the origination of multifamily,
manufactured home communities and commercial real estate debt financing
throughout the nation. Over the course
of his career, Hagwood has closed in excess of $5 billion in commercial real
estate transactions and was Beech Street's Top Direct Originator in 2011 and
2012. Web site:
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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