Langhorne, Pa. – Beech Street Capital LLC provided a $44.3 million Freddie Mac Program Plus loan for the refinance of Middletown Trace Apartments. The transaction was originated by Meridian Capital Group LLC and was financed by Beech Street Capital as part of its correspondent relationship with Meridian.
“This is our first transaction with Freddie Mac with one of our largest repeat borrowers,” says Grace Huebscher, president and CEO of Beech Street Capital. “We look forward to many more closings with Freddie Mac given our growing pipeline.”
“Meridian’s clients continue to benefit from Beech Street’s expertise and flexibility and we are especially pleased to have originated Beech’s inaugural Freddie Mac financing,” says Avi Weinstock, executive vice president and partner at Meridian Capital Group.
The property is located in Langhorne, Pa., a northeastern suburb of Philadelphia. It includes 508 units in a combination of garden apartments and townhomes with recently upgraded interiors. Built in 1972, the property includes amenities such as a clubhouse, pool, tennis and basketball courts.
The fixed-rate loan has a term of 10 years; two years interest-only, with 9.5 years of yield maintenance and a 30-year amortization schedule payable on an actual/360 basis.