INSIDE THE DEAL: Beech Street Capital provides $1.6M Fannie Mae Permanent Loan
- Apr 22, 2010
Beltsville, Md.– Beech Street Capital, LLC provided a $1.6 million fixed-rate loan for the refinance of Steven’s Walk Apartments. The transaction was originated by Beech Street Capital under the Fannie Mae DUS Small Loan program.
The fixed-rate loan has a term of five years, with three years of yield maintenance, and a 30-year amortization schedule on an actual/360 basis. The loan was structured to provide the borrower with flexible pre-payment options, according to Beech Street Capital.
Steven’s Walk Apartments is a garden-style complex that consists of 64 multifamily units. The complex was constructed in 1965 and is located in Beltsville, Md. The units have recently updated kitchen and bathrooms.