Beech Street Capital L.LC. has arranged $9.6 million in Fannie Mae financing for the acquisition of Bella Vista Apartments, a 150-unit affordable residential property in El Cajon.
The 10-year fixed-rate loan has 9.5 years of yield maintenance, one year of interest-only and a 30-year amortizing schedule.
Bella Vista Apartments comprises two ten-story buildings. Resident amenities include a common swimming pool and a playground and laundry facilities. The property is convenient to metropolitan San Diego as well as Downtown El Cajon.
Kristen Croxton and Greg Reed, Beech Street Capital executive vice presidents based in Newport Beach, originated the deal. Chris Hutchinson of Alcole Capital Group represented the buyer.
The property was the last real estate asset in California held by an unnamed institutional investor eager to divest its holdings in the area, Croxton explained. Beech Street also underwrote a welfare tax abatement to be secured by the borrower during the loan’s inaugural year.