Beech Street Capital Provides $49.5M in Acquisition Financing
- May 28, 2013
Woodbridge, Va.—Beech Street Capital LLC announced that it has funded a $49.5 million Freddie Mac CME loan. The loan is used to finance the acquisition of a 409-unit multifamily community in Woodbridge, Va.
The community, called Misty Ridge Apartments, includes 25 two-story buildings and a clubhouse with a leasing office. Amenities include a fitness room, laundry room, playground, dog-run area, and 777 open parking spaces. It is conveniently located within Prince William County, near employment centers and shopping, and is almost 25 miles from Washington, D.C.
“Misty Ridge is a solid Class-B+ asset with newly renovated apartments. The surrounding area competition is mainly new Class-A assets, but with a rent price 30 percent higher than Misty Ridge,” Barry Lefkowitz, Meridian Capital, tells MHN.
Misty Ridge Apartments was acquired from Klingbeil Capital, which has owned the property since August 2010. After acquiring the property, Klingbeil Capital renovated the community. Renovations included new cabinetry, stainless steel appliances, granite countertops, wood laminate flooring and a redecorated clubhouse. These upgrades allowed Klingbeil to achieve a 19 percent increase in rents. Currently, 130 of the 409 units have been renovated.