Beech Street Provides $19.9M Refinance for Georgia Apartments
- Oct 28, 2011
Athens, Ga.—Beech Street Capital LLC has provided a $19.9 million Fannie Mae conventional loan to refinance Legacy Mill Apartments, a 352-unit community located in Athens, Ga. The transaction closed in less than 45 days from application to close. The fixed-rate conventional loan has a 10-year term and a 30-year amortization schedule.
Legacy Mills consists of 10, three-story buildings. Community amenities include a swimming pool, sundeck, 24-hour fitness center, business center, laundry services and a car care center.
“This is a very attractive property,” says Chad Hagwood, executive vice president based out of Beech Street’s Birmingham, Ala., office. “At Beech Street, we welcome opportunities outside major tier cities.”
Marcus & Millichap sells New York townhomes for $8M
New York—Marcus & Millichap has brokered the sale of a 17-unit apartment property located in New York’s Midtown East neighborhood for $8 million on behalf of a three-part partnership that inherited the asset. The buyer, a private investor, was also secured by Marcus & Millichap.
32 Beekman Place is a five-story building with nine studios. 34 Beekman Place is a six-story elevator building with seven studios and a rooftop, two-bedroom penthouse.
“It’s a rare occurrence when you can acquire two adjacent buildings on the prestigious Beekman Place block consisting of 67 feet of frontage,” says Joe Koicim, associate vice president investments, Marcus & Millichap. “The buyer jumped on the opportunity and now has plans to reposition the asset in the marketplace.”
Arbor closes Nine Fannie Mae deals across all regions totaling $31.5M
Uniondale, N.Y.–Arbor Commercial Funding LLC announced the recent funding of nine loans totaling $31.5 million under the Fannie Mae DUS Loan, Fannie Mae DUS Small Loan and Fannie Mae DUS Military Housing product lines across all U.S. regions. The loans include:
-Park Trails Apartments, Wauconda, Ill.– This 84-unit complex received $4.4 million funded under the Fannie Mae DUS Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
-Stave and Francis Apartments, Chicago – This 21-unit complex received $1,000,000 funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
-East Village Apartments, New York – This 49-unit complex received $3.9 million funded under the Fannie Mae DUS Small Loan product line. The five-year refinance loan amortizes on a 30-year schedule.
-Holland House Apartments, Utica, N.Y. – This 47-unit complex received $1.3 million funded under the Fannie Mae DUS Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
-Bentwood Apartments, Lubbock, Texas – This 216-unit complex received $6.7 million funded under the Fannie Mae DUS Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.
-Horizon Park Apartments, Nashville, Tenn. – This 222-unit complex received $6.5 million funded under the Fannie Mae DUS product line. The 10-year refinance loan amortizes on a 30-year schedule.