(Mark Your Calendars: RealShare Apartments East, February 15th in Washington, DC)
ORANGE COUNTY, CA-Beech Street Capital has arranged $30 million in financing for the 272-unit Amberway Apartments. The financing is notable both for locking in a favorable rate for the borrower, while timing the closing in a way that minimizes the borrower’s prepayment penalty, according to Beech Street senior vice presidents Kristin Croxton and Gregory Reed.
Investor Patrick Cadigan, working with the real estate investment firm of Greenwood & McKenzie, sought a $30 million loan to refinance existing debt of $23.3 million. The prepayment penalty represented a substantial portion of the difference. The borrower was concerned that interest rates would rise if he delayed refinancing any further, according to the lender.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
