HATBORO, PA-Jenkintown, PA-based The Galman Group secured $12.58 million of Fannie Mae DUS loans for the acquisition of a four-property multifamily portfolio. Beech Street Capital, LLC advised and assisted in the acquisition of the loan for Galman. The four properties are all located in Montgomery County.

The financing was actually two separate loans, a $1.9-million loan for the Longford Apartments located in Ambler, PA, while the remaining $10.68 million was for the Wellington, Livingstone and Oak Terrace properties in Hatboro, PA. The Hatboro properties operate together as a single asset, despite their separate facades. The 225-unit portfolio was acquired from GPX Realty Partners who had previously purchased the property in June 2007 for $8.7 million. Meridian Capital Group, LLC originated the transaction, which was then financed by Beech Street, which is a Fannie Mae DUS lender.

Both fixed-rate loans have a term of 10 years with a 2.5-year interest only period and a 9.5-year yield maintenance, with leverage to “cover closing costs and planned improvements,” Beech Street notes. The portfolio sits at 97% occupancy for the four garden apartment buildings, which range from the low $800 to $1200s per month depending on whether it is a single-bedroom or three-bedroom unit.