Beech Street Capital Closes $92.6M in Freddie Mac Loans to Acquire Three Nashville Communities
- Sep 28, 2012
By Jessica Fiur, News Editor
Nashville, Tenn.—Mortgage Banking company Beech Street Capital LLC recently closed $92.6 million in Freddie Mac Capital Markets Execution loans for the acquisition of a three-property portfolio in Nashville, Tenn. This portfolio includes 1,333 residential units.
The communities include Cherry Creek Apartments, Arbors at Brentwood Apartments and Cambridge at Hickory Hollow. Cherry Creek, located in Hermitage, consists of 627 units. Arbors at Brentwood is located in Nashville and includes 346 units. Cambridge at Hickory Hollow, which is located in Antioch, includes 360 units.
The timing for the transaction was essential to the borrower because of the impending maturity on the seller’s debt. The lender was able to rate lock and close the loans in fewer than 45 days.
“Beech Street worked seamlessly with Freddie Mac to achieve the closing date,” according to Matt Legge, senior vice president of credit. “The team mobilized quickly to organize the site visits and engage third parties to expedite the process.”
The transaction was originated by Aaron Birnbaum of Meridian Capital Group LLC, a commercial real estate finance and advisory firm. Beech Street Capital financed the loan.