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Beech Street Provides $12M to SoCal Rental Complexes

NEWPORT BEACH, CA-Fannie Mae closes the deal on two multifamily buildings in 30 days for the first-time borrower.

By Morris Newman | Updated on November 03, 2011

NEWPORT BEACH, CA-The local office of Beech Street Capital LLC has arranged $12.54-million in financing for two multifamily buildings in Southern California. The Bethesda, MD-based mortgage finance provider obtained the financing from Fannie Mae.

One surprising part of the deal was the speed of origination, which took only 30 days. “While that’s not an unusual amount of time for Fannie Mae to process a loan for a repeat customer, in this case the client was a first-time borrower who had two properties, each with its own mortgage,” says Kristen Croxton, the Beech Street senior vice president of originations partner, who originated the loan with fellow Beech Street SVP Greg Reed.

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