BETHESDA, MD. Jan. 14, 2014
– Beech Street Capital announced today that it provided $92.5 million in
Freddie Mac CME loans to refinance a portfolio of five apartment complexes
totaling 1,254 units in Florida, Alabama, and Wisconsin.
 |
| Edward Madell |
The apartments were
all developed by the borrower, Continental Properties Company Inc., a national
real estate development company headquartered in Menomonee Falls, Wisconsin.
The properties were developed between 1991 and 2006. The
transaction was originated by Assistant Vice President, Adam Bieber.
Edward Madell, chief financial officer at
Continental, praised Beech Street’s timeliness and execution.
“Beech Street Capital delivered exactly what
they promised on our portfolio refinance,” he said. “Fast response and maximum value. The team at Beech Street was engaged and hands on all the way
through the process.”
Upon identifying the
key objectives of the borrower’s financing goals, Beech Street leveraged its
deep agency experience in order to craft a tailor-made financing structure for
the portfolio.
“This transaction, our first with Continental, gave us an
opportunity to demonstrate that we can handle a large, geographically diverse
portfolio and still provide the quick and effective results our clients
require,” Bieber says.
“We are grateful for
the synergy between Beech Street, Continental and Freddie Mac and we look
forward to continuing to provide our clients with the best service and
execution in the industry.”
Four of the fixed-rate loans have a seven-year term, 6.75
years of defeasance, and 30-years amortization payable on an actual/360
basis. The fifth has the same terms as
well as a one-year interest-only period.
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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