BOSTON- Beech Street Capital has closed an $11 million Fannie Mae conventional loan to acquire two multifamily properties in the Quincy area. The Carriage House and Coach House Apartments have a total of 149 units, and the transaction was completed in 30 days due to tight deadlines. The loan is fixed-rate with a 10-year term plus one-year interest-only, 9.5 years yield maintenance and a 30-year amortizing schedule.

“This transaction illustrates Beech Street's determination to structure our loans so that they are as close to the borrowers' specifications as possible,” said Mike Edelman, senior vice president of production in Beech Street's New York office in a statement from the firm. Edelman was responsible for originating the transaction.

The multifamily properties in question were built in the 1960s and are currently at 98% occupancy. The management company is Briar Cliff Management.