Mid Atlantic Real Estate Journal — June 22 - July 12, 2012 — 3A
www.marejournal.com
M ID A TLANTIC R EAL E STATE J OURNAL Hayum originates transaction for Meridian Capital Group Beech Street Capital closes $16.87 million Fannie Mae Loan B ETHESDA , MD — Beech Street Capital, LLC has provided a
They wrote the policy.
We make sure they write the check.
$16.87 million Fannie Mae con- ventional loan for the refinance of Allerton Avenue, a 144- unit apartment complex in the Bronx, NewYork. DavidHayum originated the transaction for Meridian Capital Group, LLC, which was financed by Beech Street Capital as part of its cor- respondent relationship with Meridian. The borrower, new to Beech Street, purchased the property in 2008 and was fac- ing an upcoming maturity date on their existing loan. Beech Street immediately responded, gathering the essential due diligence before application. “The borrower is definitely a convert,” states Hayum. “Beech Street demonstrated their resourcefulness and expertise. Compared to other agency lenders, the experience was amazing.” AllertonAvenue rep- resents three separate parcels, located within the Bronxdale neighborhood of the Bronx. The property is situated steps from the AllertonAvenue 2 and 5 train stops, providing conve- nient access to Manhattan and its surrounding employment centers. Since acquisition, the
M. MILLER & SON Public Adjusters Since 1960
1211 Liberty Ave., Hillside, NJ 07205 ● Tel: 908-355-4800 adjuster@mmillerson.com ● www.mmillerson.com
Allerton Avenue, Bronx, New York
borrower has invested over $800,000 in capital improve- ments and the property is cur- rently over 96 percent occupied with several rent-stabilized units. The fixed-rate loan has a seven-year term with 6.5 years of yield maintenance and a 30- year amortization. Beech Street Capital is a mortgage banking company engaged in originating, under- writing, closing, and servic- ing high-quality multifamily mortgage loans for existing and
proposed apartment build- ings and manufactured home communities throughout the United States. Beech Street is a Fannie Mae DUS lender, a Freddie Mac Program Plus Seller Servicer, and an FHA MAP and LEAN lender. Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms. Meridian is headquar- tered in NY. ■
Recent Financings Arranged By Meridian Capital Group
Hunters Glen 1,124 Units $49,000,000 Delran, NJ
Steward’s Crossing 241 Units $27,200,000 Princeton, NJ
RARE DEVELOPMENT OPPORTUNITY $4.5 Million ∙ 33 Acres
1
West Creek Village 306 Units $16,000,000 Elkton, MD
Woods at Narraticon 150 Units $16,950,000 Deptford, NJ
For More Information Please Contact:
3801 Penn Ave Sinking Spring, PA
The subject property located in Sinking Spring PA (just minutes from Reading, PA) is 33 acres of land and is pre-approved for a three story, 55+, independent living facility with 130 units and 20 more in the future, and 80 townhouse units. Ready to develop. Public Water & sewer.
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Eddy Peng, CCIM, CIPS RE/MAX of Reading Office: (610) 670-2770 x3078 Cell: (610) 223-0567 Email: EddyPeng2@verizon.net
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