Search
 

Beech St. Closes Fannie Loan in Connecticut

WETHERSFIELD, CT-The deal, in this Hartford suburb, allowed the existing owners of the multi-family asset to refinance.

By Rayna Katz | Updated on June 27, 2013

WETHERSFIELD, CT-Beech Street Capital has revealed EXCLUSIVELY to GlobeSt.com that it closed a $30.5 million Fannie Mae conventional loan to refinance the Village of Wethersfield, a 294-unit complex in Wethersfield, part of the Hartford MSA. Brian Sykes, SVP of originations in Beech Street’s Boston office, originated the transaction. The borrower, the Scully Co., is a repeat customer of Beech Street, having financed two transactions with the company in 2012.

“The borrower was in the market for a loan that could produce the maximum proceeds at the lowest possible rate,” Sykes says in a statement. “Despite intense competition from local banks. Beech Street and Fannie Mae found a seven-year pricing structure that landed the business. When Fannie likes a deal, it is clearly willing to proceed aggressively to secure it.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.