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PHILADELPHIA–Beech Street Capital has provided a $25 million Fannie Mae conventional loan to refinance the Greenbriar Club Apartments in Philadelphia, a 346-unit property built in 1971.
David Fisher and Scott Jackson originated the transaction for Meridian Capital Group, which was financed by Beech Street Capital as part of its correspondent relationship with Meridian.
The owner/operator of Greenbriar is new to Beech Street, stated Joel Willard, vice president of credit. However, Willard said the borrower, who was not identified, is a long-time multifamily property manager in New Jersey and Philadelphia with a successful track record.
Beech Street was able to structure a ten-year, fixed-rate loan deal in spite of some challenges, including the existence of a ground lease, Willard stated in a release. “We were able to deliver a highly attractive interest rate which will free up operating capital and boost cash flow for the borrower,” he said.
Greenbriar Club Apartments is located in the Bala Cynwyd neighborhood of Philadelphia, about six miles northwest of Center City. The complex consists of nine inter-connected, brick, garden-style apartment buildings, a clubhouse/fitness center, and 15,987 square feet of ground-floor retail space in one of the apartment buildings. The apartments are 96 % occupied, and the retail space is 92 % occupied.
Beech Street Capital, which has headquarters in Bethesda, MD., is a Freddie Mac Program Plus lender, and an FHA MAP and LEAN lender, in addition to handling Fannie Mae DUS loans.
Meridian is headquartered in New York, and arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, office, retail, hotel, industrial and other types of property.
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