ALEXANDRIA, VA-An LLC called VNS Investments has acquired an apartment building here called Mallard Courts for $23 million. The company financed it through a Fannie Mae loan for $18.9 million, which was secured via Beech Street Capital.
The 10-year term loan was below 4% at full leverage, Jacob Katz of Meridian Capital tells GlobeSt.com. Katz, who originated the loan, also adds that it is structured with several years of interest-only financing.
“Spreads have tightened over the last several weeks and Fannie Mae is being very competitive for the right deals in the Mid-Atlantic,” he says. Another plus for the transaction: Meridian and Beech Street were able to close the loan in under 30 days.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
