Beech Street Capital, LLC recently provided $7.7 million in Fannie Mae conventional loans to finance the acquisition of Stonelick Woods and Country Lake, a pair of Section 42 Low Income Housing Tax Credit communities in the Cincinnati area.
Beech Street is a Fannie Mae DUS® lender, a Freddie Mac Program Plus® Seller Servicer, and an FHA Multifamily Accelerated Processing and LEAN lender. The transaction was originated by Meridian Capital Group, LLC and was financed by Beech Street Capital as part of its correspondent relationship with Meridian.
Stonelick Woods and Country Lake are both located in Clermont County, Ohio, just east of Cincinnati. Stonelick Woods is a 176-unit property built in 1996 and located in Batavia, Ohio, while Country Lake is a 128-unit property constructed in 1994 in nearby Goshen.
With much larger units than comparable tax-credit properties and with superior amenities, Stonelick Woods and Country Lake compete well within in their markets. Amenities for the properties include large eat-in kitchens, walk-in closets, patios, washer/dryer hook-ups and wall-to-wall carpeting. Each property has a clubhouse, swimming pool, laundry facility, fitness center, volleyball court and two playgrounds.
The fixed-rate loan has a term of seven years, six-and-a-half years of yield maintenance and a 30-year amortization schedule payable on an actual/360 basis. Kanett Curtis underwrote the transaction for Beech Street, while Nathan Burlingame was the closer. Jacob Katz was the Meridian broker.
