Beech Street Funds $13M Refinancing with Interest-Only Feature
- Aug 31, 2010
Queens, N.Y.– Beech Street Capital LLC provided $13 million in permanent financing for the refinance of Alpine Gardens Apartments in Queens, N.Y.
The Fannie Mae DUS loan was originated by Meridian Capital Group LLC and was financed by Beech Street Capital as part of its correspondent relationship with Meridian.
The property consists of four six-story buildings with a total of 216 units and is located within the Jackson Heights historic district. Conveniently situated, the property is near a highway, public transportation and a community park.
The fixed-rate loan has a term of 10 years, four years interest-only, with 9.5 years of yield maintenance and a 30-year amortization schedule on an actual/360 basis.