Beech Street Closes Loan for Suburban Dallas M-F Property
- Nov 04, 2013
It’s business as usual for Beech Street Capital L.L.C. as the company moves toward completing its merger with Capital One Financial Corp. Among the mortgage banking concern’s latest transactions is the closing of a Fannie Mae conventional loan for a borrower’s off-market acquisition of the 416-unit Marbletree Apartments in Irving, Tex., just outside of Dallas.
The financing comes in the form of a fixed-rate, 12-year loan, featuring three years of interest-only and a 30-year amortization schedule.
“Interest rates remain at attractive levels and investor confidence in Texas continues to grow,” Sam Jones, a loan originator with Beech Street, told Commercial Property Executive. “We expect the competition on acquisitions to remain fierce as Texas market fundamentals continue to strengthen.”
The borrower was in a hurry and having connections certainly helped expedite the process; the buyer has a history with the seller as well as with Larry Sneathern, senior vice president with Beech Street and originator of the transaction.
“Off-market opportunities are coveted by investors but speed and certainty of execution are imperative,” Jones added. “In the case of Marbletree, Beech Street Capital was able to provide a commitment and rate lock prior to the borrower’s hard-money date, which helped accelerate the closing date.”
Beech Street hasn’t missed a beat, despite the intensity that comes with a merger. The company, which presently services a loan portfolio of approximately $10 billion, announced in August that it had entered into a definitive agreement to be acquired by Capital One. The merger just closed this week.