Mid Atlantic Real Estate Journal — August 17 - 30, 2012 — 13A
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M ultifamily F inancing
David Fisher and Scott Jackson originated the transaction for Meridian Capital Group Beech Street closes $25 million Fannie Mae conventional loan for Philadelphia apartments
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hiladelphia, PA — Beech Street Capital, LLC provided a $25 mil-
“This represents the borrow- er’s seventh and eighth trans- actions with Beech Street,” states vice president of credit, Joel Willard. “Our familiar- ity with the borrower, as well as the borrower’s extensive experience in the Philadel- phia MSA, permitted for an extremely efficient and simpli- fied process from application to close.” Beech Street recently secured financing for a $68 mil- lion portfolio in Pennsylvania and Delaware. The properties, Red Lion Manor and Cheswick Square, are located in Philadelphia
County with close proxim- ity to the central business district, the Philadelphia In- ternational Airport and Phila- delphia University. Red Lion Manor consists of 120 units in 11 buildings and Cheswick Square consists of 111 units in two buildings. Common ame- nities include on-site parking, laundry facilities, and secured entryway. The borrower plans to spend over $1.8 million for capital improvements of both properties. The fixed-rate loans have a 10-year term with a 2.5 inter- est-only period. n
Obviously there are nego- tiable exceptions to all of the above. With so much apart- ment activity in the market I thought it appropriate, as we head into the fall, to provide the foregoing as guidance. Federal Reserve Chairman Bernanke has promised to keep these low rates through the end of 2014. Don’t miss your opportunity. Bruce J. Coin is director of Bruce Coin Consulting, Inc. n continued from page 11A By Bruce Coin . . . In a separate Philadelphia transaction, Beech Street Capi- tal provided $13.5 million Fan- nie Mae conventional loans for the acquisition of a two-prop- erty portfolio. Israel Shubert originated the transaction for Meridian Capital Group. lion Fannie Mae conventional loan to refinance Greenbriar Club Apartments, a 346-unit property. David Fisher and Scott Jackson originated the transaction for Meridian Capi- tal Group, LLC, which was financed by Beech Street Capi- tal as part of its correspondent relationship with Meridian. Gi ven the manage r i a l strength of the owners and successful operating history of the property, Beech Street was able to successfully structure the deal in spite of some chal- lenges, including the existence of a ground lease. “We were able to deliver a highly attrac- tive interest rate which will free up operating capital and boost cash flow for the bor- rower,” said Joel Willard, vice president of credit. Greenbriar ClubApartments is located in the Bala Cynwyd neighborhood of the City of Philadelphia, approximately six miles northwest of Center City. The property was con- structed in 1971 and consists of nine inter-connected, brick, garden-style apartment build- ings, a clubhouse/fitness center, and 15,987 square feet of retail space located on the first floor of one of the apartment build- ings. The property has strong occupancy of over 96 percent on the residential units and over 92 percent of the retail space. The fixed-rate loan has a 10-year term with 9.5 years of yield maintenance.
Greenbriar Club Apartments
$9,500,000 Refinance Office Roanoke, VA 320,000 S/F
$9,800,000 Acquisition Grocery Anchored Retail Quakertown, PA 200,000 S/F
$5,850,000 Refinance
$19,000,000 Acquisition Office Charleston, WV 280,000 S/F
Multi-family Eastern PA 100 Units
180 Sylvan Avenue Englewood Cliffs, NJ 07632 | P 201-947-2300 | F 201-947-2323 | Deerwoodcap.com
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