NEW YORK CITY-Langsam Property Services Corp. has secured $31.9 million in refinancing for a portfolio of apartment buildings the company owns in the Bronx and Yonkers. Financing was through Fannie Mae loans in a transaction facilitated by Beech Street Capital.
Joel Goodman, assistant VP, credit at Beech Street Capital tells GlobeSt.com that the deal was done quickly--with site inspections and lease audits completed in two days--due to several factors.
“The borrower’s existing financing was coming due so he was under a time frame to get that done and he also wanted to capture the low rates,” Goodman says. “That’s why we moved as quickly as we did.
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