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.
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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.
