Beech Street Capital Supplies $7.5M Refi Loan for Miami Property
- Jul 08, 2010
Miami– Beech Street Capital LLC provided a $7.5 million Fannie Mae DUS Loan for the refinance of a Palm Place Apartments located in Miami. The transaction was originated by Michael Brown of Meridian Capital Group LLC and was financed by Beech Street Capital as part of its correspondent relationship with Meridian.
“Based on their deep market knowledge and depth of real estate experience, the Beech Street team was able to quote, underwrite and deliver a fast closing in this highly localized market. It was an impressive effort and execution in all regards,” said Michael Brown, managing director at Meridian Capital.
The fixed-rate loan has a term of 10 years, with 9.5 years of yield maintenance, and a 30-year amortization schedule on an actual/360 basis. The property was constructed in 1967 and has recently undergone interior and exterior renovations. Palm Place Apartments consist of 145 units and is conveniently located within walking distance from Dadeland shopping center.