Beech Street Closes $9.6M Fannie Mae Loan for El Cajon Property

The broker that Beech Street Capital worked with in the transaction is Chris Hutchinson of Alcole Capital Group. The representative has worked with the buyer in three previous deals of this type, while the loan is Beech Street’s third transaction with Fannie Mae MAH. According to a statement issued by Beech Street Capital, Kristen Croxton, along with fellow executive vice president Greg Reed, originated the deal from the company’s Newport Beach office. Croxton had this to say regarding the move: “this transaction is the perfect illustration of Beech Street’s ability to apply our expertise in affordable housing for our clients’ benefit”.

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.