Enclave at St. Lucie West Apartments, Port St. Lucie, FL
BETHESDA, MD – Beech Street Capital, LLC announced it closed
an $8.6 million Fannie Mae conventional loan to refinance the Enclave at St.
Lucie West, a 90-unit property in Port St. Lucie, Florida.
 |
| Mitch Sinberg |
Senior Vice Presidents Mitch Sinberg and Michael
Wallace, headquartered in Beech Street’s Fort Lauderdale office, originated
the transaction.
The deal was
complicated by the fact that the property was originally planned and developed
as a condominium.
When the first
phase was completed in 2007 and only two of the 28 units were sold, it was
clear to the principals that the property would be more successful as a Class A
rental community.
As a result, all the apartments in the remaining three
phases were marketed as rentals. The
Beech Street team determined that Fannie Mae financing would be the most
advantageous approach for the client.
 |
| Michael Wallace |
“Working in Florida, Michael and I have had extensive
experience dealing with fractured condos,” Sinberg says. “We were able to help the client put in
place a structure that increased Fannie Mae’s comfort level with the
deal.”
They stressed that the borrowers had full control over the
HOA and the right of first refusal if the two units owned by third parties were
sold.
“Mitch, Michael, and
the entire Beech Street team were a pleasure to work with,” says Jerry Rich,
one of the principals. “The level of
expertise and experience they brought to the transaction helped ensure that it
proceeded as smoothly and as quickly as possible.”
The Enclave at St.
Lucie West is located in a desirable Port St. Lucie area. Its neighbors include two of the city’s most
popular attractions: PGA Golf Village and New York Mets spring training center.
The property itself
is in excellent condition and is attractively landscaped. Interior amenities include ceiling fans,
granite countertops in select units, washer/dryer connections, nine-foot
ceilings, walk-in closets, double sinks in master bathrooms, patios, and private
one- or two-car garages.
The fixed-rate loan has a 10-year term and 9.5 years of
yield maintenance with 30 years of amortization, payable on an actual/360
basis.
For a complete copy
of the company’s news release, please contact:
Courtney Lewis at
240-507-1948
Jenifer Bernardi
240-507-1946.
