Multifamily Finance
Multifamily Insights
25 June, 2014
by Grace Huebscher
Market lending terms have shifted rapidly recently. All the market players are working hard to keep up—and if you haven’t noticed, this includes the Agencies. They are very responsive and extremely competitive. In the last few years,...
Read More...
31 March, 2014
by Grace Huebscher
The NMHC Conference presented a great opportunity to poll a broad group of borrowers and market participants on the state of the multifamily market.  Not surprising, investors were bullish.  Almost half the multifamily real estate professionals...
Read More...
As of June 2014, Beech Street is Capital One Multifamily Finance.

$5.7 million - Chicago, Illinois

West Belle Plaine Apartments

BEECH STREET CAPITAL CLOSES A $5.7 MILLION FANNIE MAE LOAN TO REFINANCE CHICAGO APARTMENTS

MARCH 7, 2013, BETHESDA, MD – Beech Street Capital, LLC announced today that it closed a $5.7 million Fannie Mae conventional loan to refinance the West Belle Plaine Apartments, a 145‐unit property in Chicago. Built in 1927, this classic apartment building underwent extensive renovation between 2009 and 2011. The borrower had an existing loan that would have matured in 2014, but opted to pay the prepayment penalty to lock in proceeds at today’s low rates. Joel Mazur, vice president in Beech Street’s Chicago office, originated the transaction.

This was the borrower’s first transaction with Beech Street. “We were very pleased with the way Beech Street handled the transaction,” said one of the principals. “They didn’t take anything for granted, working through the holiday season to make sure the deal went smoothly.”

The West Belle Plaine Apartments has excellent access to all areas of the Chicago MSA and is in excellent condition for its age. During the recent renovation, 83 percent of the units were fully upgraded, four new laundry rooms were built, new exterior doors and gates were installed, and the brick exterior was repointed and cleaned, among many other improvements.

The fixed‐rate loan has a 10‐year term, 9.5 years yield maintenance, and a 30‐year amortizing schedule.

Log Into Your Account
LOGIN
SUBSCRIBE
Get industry updates and insight from our experts. Sign up for our bi-monthly newsletter.
SUBSCRIBE
RATES
US TREASURY RATES
As of Sunday September 21, 2014
MATURITY YIELD CHANGE
5 Year Bond 1.813% -1.93%
7 Year Bond 2.275% -3.08%
10 Year Bond 2.576% -4.23%
30 Year Bond 3.284% -6.55%
LIBOR 30-DAY 0.1540%
Market Data by Xignite
Use our calculator to quickly estimate your prepayment penalty
CALCULATE

Capital One Multifamily Finance is distinguished by its ability to structure multifamily mortgages customized to the precise needs of its clients. We are a Fannie Mae DUS® lender, a Freddie Mac lender, and a FHA HUD lender. Plus, we offer balance sheet financing backed by the full strength of Capital One Commercial Banking. You can count on our team of multifamily mortgage makers to deliver apartment financing smoothly, quickly, and with certainty.