Beech Street Closes $371M Loan Package for 5,517-Unit M-F Portfolio
- Aug 14, 2012
With the assistance of Beech Street Capital Inc., a 5,517-unit apartment portfolio in Maryland has been re-capitalized to the tune of $371 million. Relying on its correspondent relationship with Meridian Capital Group L.L.C., originator of the financing, Beech Street provided the funding to the Kushner Cos. and Rockpoint Group.
The financing came in the form of Freddie Mac Capital Markets Execution loans featuring ten-year terms and fixed rates. As a result of the recapitalization of the garden-style complexes and townhome communities, Kushner now owns a 25 percent stake in the assets, which are located in Baltimore County suburban Washington, D.C.’s Prince George’s County. With funds in hand, Kushner and Rockpoint are able to pay off existing debt on the portfolio, which will be managed by Kushner affiliate Westminster Management.
Beech Street has already had quite a busy month. Yesterday the company announced that it had completed a $10.7-million Fannie Mae conventional loan for a repeat borrower’s financing of a 108-unit multi-family community in Castro Valley, California. Last week, news emerged that the company had closed $16.7 million of Fannie Mae conventional loans for three Connecticut assets owned by Equity Management Corp.