Beech Street Capital closed a $94.4 million in Freddie Mac loans to refinance a 12-property portfolio totaling 488 units throughout Manhattan.
The transaction, originated by Josh Rhine of Meridian Capital Group, was financed by Beech Street as part of its correspondent relationship with Meridian.
The borrower, Henry Moses and Robert Moses, have owned and operated the properties since acquisition between 1999 and 2008. The bulk of the existing loans were held with a Wall Street lender and had a few years of interest-only payments. When the amortization had started to take effect on the loans, the borrower decided to pay the defeasance penalty and obtain a full-term seven-year interest-only loan with Beech Street.
The fixed-rate loans have a seven-year term, full term interest only, with 6.75 years of defeasance.
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