Mid Atlantic Real Estate Journal — Financial Digest — February 10 - 23, 2012 — 9A
www.marejournal.com
F INANCIAL D IGEST
Meridian Capital Group originates the transaction Beech Street Capital provides $9.35m Freddie Mac loan to acquire rent stabilized apartments S
their projections to allow for such occurrence. If 2012 will be the better year that is expected let’s all be prudent when we are performing or reviewing a DCF. Bruce Coin is director of Bruce Coin Consulting, Inc. ■ continued from page 8A with a specialized focus on multi-housing throughout the northeastern United States. He worked at HFF for more than 10 years as an analyst and later a managing director before spending two years as a senior vice president in CBRE’s debt and equity finance department. Prior to working for HFF, he spent nearly 10 years employed with “Big Four” accounting firms where he advanced to become a tax manager in the Pittsburgh office of Pricewa- terhouseCoopers. Matt has a Bachelor of Science degree from Saint Vincent College, an MBA in Finance from the University of Pittsburgh and a Masters in Taxation from Robert Morris College. ■ The Current Commercial . . . TATEN ISLAND, NY — Beech Street Capital, LLC announced that it has provided a $9.35 million Freddie Mac CME loan for the acquisition of Trantor Place Apartments, a 178- unit, rent stabilized property located in Staten Island, New York. The transaction was origi- nated by Meridian Capital Group, LLC, and was financed by Beech Street Capital as part of its correspondent relation- ship with Meridian. Key to the transaction was the borrower’s plan to invest over $700,000 in capital improvements to the asset after purchase. The improvements, planned over the next two years, will Matt rejoins HFF Pittsburgh as managing director PITTSBURGH, PA– HFF an- nounced that NicholasMatt has rejoined the firm as a managing director in its P i t t sbur gh office. Matt will focus on debt and invest- ment sal es transactions for all prop- e r t y t y p e s Nicholas Matt
further enhance the rent sta- bilized property which con- tributes to quality housing in the New York market. “Given the importance of maximizing proceeds, we chose to engage Freddie Mac who structured the deal to include the bor- rower’s cap ex budget along with closing costs,” comments Mike Edelman, senior vice president of Beech Street Capital. “Freddie offered us 85% of the cost to purchase, which included the $700,000 in capital enhancement funds
that were escrowed at closing.” Barry Lefkowitz, the Meridian mortgage finance advisor on the transaction was pleased. “Although the financial mar- kets remain volatile, Beech continues to beat the compe- tition in rate, structure and service,” states Lefkowitz. Built in 1964-1966, the gar- den-style apartment complex is comprised of 16 three-story buildings situated on 5.7 acres. The fixed-rate loan has a term of ten years with two years interest-only. ■
Trantor Place Apartments
$5,850,000 Eastern PA Refinance Multifamily 98 Units
$50,000,000 Newark, NJ Centre Market Bldg. Office 380,000 S/F
$19,990,000 Charleston, WV Chase Tower Class A Office 280,761 S/F
$10,000,000 Ridgefield, NJ Shopping Center Retail 132,400 S/F
180 Sylvan Avenue Englewood Cliffs, NJ 07632 | P 201-947-2300 | F 201-947-2323 | Deerwoodcap.com
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