FT. WAYNE, IN—Beech Street Capital, LLC has just closed a $14 million Freddie Mac CME loan that refinances Avalon at Northbrook, a 256-unit multifamily property in Fort Wayne, Indiana. Mitch Sinberg and Michael Wallace, senior vice presidents of originations in Beech Street's Fort Lauderdale office, originated the transaction. The borrower was Elad National Properties. Through a joint venture, Elad National Properties also controls Element National Management, the property management company that manages Avalon at Northbrook. Element manages 11,000 apartment units nationally.
Built in 1999, Avalon at Northbrook remains in excellent physical condition, Beech officials say, with no deferred maintenance or immediate repair needs. The property offers amenities such as attached garages, indoor basketball court, resort-style heated pool, and a movie screening room. It is close to shopping and restaurants and located within three miles of Interstate 69, which provides easy access to all areas of the Fort Wayne MSA.
The fixed-rate loan has a 10-year term, 9.5 years of yield maintenance, and 30 years of amortization, payable on an actual/360 basis.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
