BOSSIER CITY, LA-Beech Street Capital LLC has made its first permanent loan in Louisiana, providing $28 million to The Good Companies to refinance its Villagio mixed-use project here.
“As a new lender, this was our first financing in Louisiana,” says Jeff Lee, executive vice president of Bethesda, MD-based Beech Street Capital. “We had to get familiar with the market, and we wanted to pick a quality asset with a quality sponsor.”
Beech Street's Cheryl Higley in its Dallas office sourced and originated the Fannie Mae DUS loan. The 10-year, fixed rate loan has a 70% LTV, a sub-5% interest rate and a 30-year amortization.
The refi takes out a construction loan for the upscale, class A project, which consists of 239 apartments and 51,479 square feet of retail space spread across 10 three-story buildings. Completed in mid-2009, the project is the first phase of a 64-acre planned community.
Designed to recreate a Tuscan village, the project will also include residential condos, office space and a six-acre lake. It is located in the prestigious North Bossier City area at the intersection of Interstate 20 and Highway 80.
Villagio is within walking distance to Bossier City Community College and its 4,500 students and is less than three miles from Barksdale Air Force Base and its 9,000 military and civilian personnel. Moreover, Villaggio is the centerpiece of the new Cyber community: the $100 million Cyber Innovation Center and the Cyber Research Park are within minutes of Villaggio.
Texarkana, TX-based Good Companies is led by founder and principal John Good Jr. Lee tells GlobeSt.com that Beech Street was attracted to Good’s experience and previous projects in Louisiana and competed for the deal. “We went down there and personally presented the deal,” he says.
As founder of Stonebridge Development in 1996, Good developed a 330-acre project that housed Bossier City and Louisiana’s first Fred Couple’s PGA professional golf course and residential community. In eight years, Stonebridge has developed nine interior sections totaling 320 lots and over $30 million in real estate sales.
Good also served as master developer of Louisiana Boardwalk, a $190 million retail outlet and entertainment center that transformed the Bossier City’s riverfront into a major tourism destination. He secured the state’s first Bass Pro and more than 30 “first time” retailers to Louisiana.
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