BETHESDA, MD – Beech Street Capital, LLC announced it has provided a $21.25 million Fannie Mae conventional loan for the acquisition of Vista at Lost Lake (top left photo), a Class A, 276-unit apartment complex in Clermont, Florida—located to the northwest of Orlando.
The transaction was originated by Jacob Katz and was financed by Beech Street Capital.
The repeat borrower was actively looking to expand into the greater Orlando market with the purchase of Vista at Lost Lake, while taking advantage of the low interest rate environment.
Having previously secured financing for the borrower in June 2011 to refinance a 166-unit apartment complex in Zionsville, Indiana, Beech Street was familiar with the borrower’s expectations.
“Constant communication between the Beech Street team and the sponsors allowed for a seamless execution,” states Katz. “Beech Street was able to meet the client’s needs by providing a very low rate while meeting the acquisition timeline.”
Built in 2007, Vista at Lost Lake is situated in a newer area of development within the Clermont community neighboring other residential, retail, and office development, including a Wal-Mart Supercenter located next door.
Amenities include gated entry, free surface parking, resort-style swimming pool and clubhouse with free Wi-Fi, fitness center with fitness classes and children’s play room, playground area, sauna, theatre, executive conference room, business center, billiard tables, lounge with fireplace, veranda, car care center, indoor basketball court, cyber café and coffee bar.
The fixed-rate loan has a seven-year term with two years interest-only and 30-year amortization thereafter, payable on an actual/360 basis.
Contacts:
Courtney Lewis
240-507-1948
Jenifer Bernardi
240-507-1946.
