WEEHAWKEN, NJ- Beech Street Capital LLC has provided a $12.5 million Fannie Mae conventional loan to refinance the Simone, a new, ground-up construction building at 85 Maple St. here. The fixed-rate loan has a rate in the low 4 percents, with a 10-year term and 30 years of amortization payable on an actual/360 basis. The transaction was originated by Meridian Capital Group LLC, and was financed by Beech Street Capital as part of its correspondent relationship with Meridian.
“The deal was pretty straightforward,” Charles Grussgott, Meridian’s mortgage finance advisor on the deal, itells GlobeSt.com. “The timing was important to the borrower.”
The transaction was the first agency loan for borrower 85 Maple LLC, a family-run company that owns 10 apartment properties in New Jersey and New York. Beech Street rate-locked the transaction 30 days after receiving the application.
Built and completed by the borrower in early 2011, the Simone consists of 50 multifamily apartment units in four stories, with rents for one-bedroom apartments beginning at $1,845 per month and rates for two- and three-bedroom units from $2,345 per month. Amenities include a fitness room and on-site resident parking.
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