by Grace Huebscher
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.
US TREASURY RATES
As of Wednesday October 22, 2014
|5 Year Bond||1.427%||+0.10%|
|7 Year Bond||1.876%||-0.16%|
|10 Year Bond||2.214%||-0.35%|
|30 Year Bond||2.986%||-0.54%|