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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.”

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