(Save the date: RealShare New Jersey comes to the Hyatt Regency, New Brunswick, NJ, September 19.)
PHILADELPHIA-Beech Street Capital announced it has provided $13.5 million in Fannie Mae conventional loans to the buyer of a two-property multifamily portfolio in Philadelphia.
The fixed-rate loans have a 10-year term with a 2.5 interest-only period.
Red Lion Manor, which has 120 units in 11 buildings, was purchased for $7.28 million, according to public records. Cheswick Square, consisting of 111 units in two buildings, traded for $8.1 million, according to records. The buyer was not identified, but Beech Street said the buyer intends to spend over $1.8 million on improvements to both properties.
Beech Street’s Joel Willard, vice-president of credit, said the loan transaction was originated by Meridian Capital Group. Beech Street has a correspondent relationship with Meridian.
“This represents the borrower’s seventh and eighth transactions with Beech Street,” Willard says. “Our familiarity with the borrower, as well as the borrower’s extensive experience in the Philadelphia MSA, permitted for an extremely efficient and simplified process from application to close.” Beech Street recently secured financing for a $68 million portfolio in Pennsylvania and Delaware.
Both Philadelphia properties are close to Philadelphia’s central business district, the Philadelphia International Airport and Philadelphia University. Each has on-site parking, laundry facilities, and a secured entryway.
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