Beech Street Capital, a mortgage banking company engaged in originating, underwriting, closing and servicing multifamily loans for apartment buildings and manufactured home communities, has provided a $9.5 million Fannie Mae conventional loan to acquire Oak Grove Apartments, a 369-unit apartment complex located in Miami.
The commercial real estate short sale transaction was originated by David Hayum at Meridian Capital Group and financed by Beech Street Capital due to its correspondent relationship with the New York-based CRE advisor.
The Bethesda, Md.-based banking company completed the underwriting package and was positioned to rate lock prior to the 15-day due diligence period after approval from the special servicer, a requirement of a short sale transaction.
“The entire process was incredibly smooth,” said Mose Popack in a press release, a main principal during this deal. “It would have been great for a savings bank and is remarkable for an agency loan.”
Hayum said Beech Street also provided the borrower with their revised request loan term of five years at the original application amount of $9.5 million rather than a 10-year loan term. The fixed-rate loan has a term of five years with 4.5 years of yield maintenance, 30-year amortization and actual/360 interest accrual.
Over the last four years, the complex has undergone more than $2 million in improvements. Additionally, the current borrower plans to make renovations to the housing units upon turnover.
Common amenities at the complex include an on-site leasing office, gated access, three swimming pools, a barbecue and picnic area and 24-hour emergency maintenance.
