Beech Street Provides $68M Portfolio Refinance
- May 23, 2012
Pennsylvania & Delaware—Beech Street Capital has provided a $68 million Fannie Mae conventional loans to refinances four properties in Conshohocken and Philadelphia, Penn., and Newark and New Castle, Del. The borrower, Galman Group, locked in low interest rates on the four properties, which were encumbered with loans set to mature over the next year.
The portfolio consists of four properties totaling 1,106 units located in the Philadelphia-Camden-Willington MSA. North Lane with 101 units is located in Conshohocken, Sedgwick Station with 93 units is located in Philadelphia, Buckingham Place with 278 units is located in Newark, and Castlebrook with 634 units is located in New Castle. The fixed-rate loans have a 10-year term with 9.5 years of yield maintenance.
“This transaction illustrates how well the Fannie Mae forward rate lock program can work and confirms that it can be an effective tool to allow borrowers to lock in low rates while at the same time being able to reduce or eliminate prepayment penalties,” says Brian Sykes, vice president of Beech Street Capital’s Boston office.
Federal Capital Partners sells 496-unit asset
Richmond, Va.—Federal Capital Partners has announced the sale by affiliate St. Charles Cos. of Essex Village Apartments, a 496-unit property located in Richmond, Va. The community was purchased by GHC Housing Partners for $28.6 million. The asset was 100 percent leased at the time of sale. Marcus & Millichap represented St. Charles Cos. in the transaction.
“FCP will continue to seek to finance and acquire properties in the Richmond market, as the company continues to grow its Mid-Atlantic portfolio,” says Alan Shearer, chief executive officer at St. Charles Co. “For St. Charles, the focus will remain on the continued development and growth of our 9,100 acre master-planned community. We have experienced record demand for St. Charle’s new homes and apartments and we are committed to an organized, well-planned and executed development process that will meet that demand.”
NAI finds buyer for $1.55M sale of Boston property with condo option
Boston—NAI Hunneman, a leading provider of commercial real estate services, announced today it has brokered the sale of 162 Prince Street in Boston’s North End neighborhood to 162 Prince LLC for $1.55 Million.
NAI Hunneman’s Investment Services associates Gina Barroso and Robert Tito Jr. represented seller Prince Street Realty Trust as well as procuring the buyer.
“162 Prince Street offered a building with cash flow and condo options in a highly contested North End, Boston neighborhood,” said Tito. “The property is a solid addition to the buyer’s portfolio.
Located just one block from the waterfront, 162 Prince Street is a four-unit traditional Boston brick apartment building featuring three three-bedroom, one-bath, units along with one three-bedroom, two-bath duplex. The building was recently renovated and the units all features high-end finishes.