Beech Street Capital Provides $28.4M Refinance for Two Manhattan High Rises
- Jul 28, 2010
New York– Beech Street Capital LLC provided $28.4 million in permanent financing for the refinance of two multifamily properties in New York.
The Fannie Mae DUS loans were originated by Mindy Bergman of Meridian Capital Group LLC and were financed by Beech Street Capital as part of its correspondent relationship with Meridian.
“The strong synergy with our partners at Meridian and Fannie Mae allowed us to meet the borrower’s financing objectives in a timely manner,” said Grace Huebscher, president and CEO at Beech Street Capital. “Both properties were underwritten, rate-locked and closed within 26 business days of receipt.”
The transaction consists of two high-rise properties located on the Upper West Side of Manhattan in New York with a total of 186 multifamily units and three commercial units. The fixed-rate loans both had a term of seven years, with 6.5 years of yield maintenance, on an actual/360 basis.