Beech Street Capital, LLC has provided $12.9 million in Fannie Mae loans to refinance four properties located within the Rogers Park and Lakeview neighborhoods of Chicago, Illinois. The transaction was originated by Gershon Friedman of Meridian Capital Group, LLC, and was financed by Beech Street Capital as part of its correspondent relationship with Meridian.
“We were able to meet the borrower’s goals by providing a more than competitive market rate within the timeline requested,” states Joel Goodman, vice president of credit and underwriting at Beech Street, in a release. The sponsor, whom Beech Street previously secured financing for two properties also located in Chicago, has been an owner, developer, operator, and manager of commercial real estate for approximately 40 years, and currently owns and manages over 50 properties, including 1,300 multifamily units, primarily in Illinois, Arizona and Florida.
Totaling 230 multifamily units and one commercial space, the portfolio consists of low-rise, brick buildings constructed in the mid-1920s. The properties are located in northern Cook County, the largest apartment submarket in Chicago. With approximately half of the metropolitan area’s rental inventory, the county’s close proximity to the Chicago business district attracts a strong number of renters.
The fixed-rate loans have a 10-year term, with 9.5 year yield maintenance and 30-year amortization schedule.
