Beech Street Capital Refinances 8 Housing Communities for $158M
- Dec 06, 2013
Lynn Armitage, Contributing Editor
Beech Street Capital, a mortgage banking company headquartered in Bethesda, Md., just closed a refinancing deal on seven Fannie Mae loans totaling $158 million.
Chad Thomas Hagwood, Beech Street’s executive vice president of originations, said, “The refinance has enabled Beech Street to provide affordable housing in relatively high-cost markets.”
The refinanced communities are in California and New Mexico, and include: Arrowhead Mobile Home Park (Glendora), Continental Mobile Home Community (Santa Ana), Hollydale Mobile Home Estates (Brea), Knolls Lodge and Knolls Manor Mobile Home Communities (Torrance), Lincoln Center Mobile Home Community (Cypress), Mobile Aire Estates (Covina) and Riverside de Santa Fe Mobile Home Community (Santa Fe).
“No significant renovations are planned, but there will be some capital going back into the properties for small enhancements, nothing major,” said Hagwood. What makes these properties so attractive to Beech Street Capital, he said, are long-term ownership and stable operations in good locations.
The seven-year, fixed-rate loans have a 10-year term, three years of interest-only payments, 91/2 years of yield maintenance and 30 years of amortization, payable on an actual/360 basis.
In business since December 2009, Beech Street Capital specializes in originating, underwriting, closing and servicing the financing for high-quality, multifamily manufactured housing, long-term care and seniors housing with Fannie Mae, Freddie Mac, FHA and non-agency lenders. They have 130 employees and offices in Maryland, Alabama, California, Florida, Georgia, Illinois, Massachusetts, New York and Texas.