(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).
LOS ANGELES-GlobeSt.com exclusively learns that Bethesda, MD-based Beech Street Capital LLC has provided $27.59 million Fannie Mae DUS loans for the refinance of a six-property multifamily portfolio totaling 311 units located in Los Angeles. The borrower was L’Abri Management Inc., a repeat client of Beech Street.
Ben Grossman and Olga Alworth of Meridian Capital Group LLC, originated the transaction, which was financed by Beech Street Capital as part of its correspondent relationship with Meridian. “Beech Street’s underwriting team was very reliable and timely in identifying potential concerns and working with the borrower and third parties to get the information needed to quickly resolve any issues,” explains Grossman, managing director of Meridian’s Los Angeles office. “This enabled them to deliver the application loan amounts on which the borrower and his investors were relying.”
Beech Street’s team was also very attentive to sensitive closing timelines. One of the six properties in the portfolio faced a maturity deadline sooner than the others, and the lender was able to commit to closing all of the loans in the portfolio prior to the one loan’s maturity date.
According to Beech Street, by closing all six loans simultaneously and keeping the LTVs low, the borrower was able to take advantage of the lender’s “top tier preferred pricing.” The aggregate new loan proceeds allowed the borrower to refinance existing high interest rate debt and gain cash-out proceeds to continue to improve the assets.
Grossman tells GlobeSt.com that four of the properties are in Downey, one in La Habra, and one in La Mirada. The fixed-rate loans have a seven-year term with a sub-four percent interest rate, 6.5 years yield maintenance and a 30-year amortization schedule.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
