BETHESDA, MD-At the end of the year, Freddie Mac, Continental Properties Co., based in Menomonee Falls, WI, and locally-based Beech Street Capital closed the books on a complex $92.5 million refinance package that included five apartment complexes in Florida, Alabama and Wisconsin, totaling 1,254 units.
The pricing on the package was eye-poppingly good considering they are located in secondary markets, Beech Street Capital’s assistant vice president Adam Bieber tells GlobeSt.com. “Freddie Mac, in fact, did a lot of things outside of providing an excellent rate and term, for the borrower. It worked hard to make sure the structure fit its needs.”
Four of the fixed-rate loans have a seven-year term, 6.75 years of defeasance, and 30-years amortization payable on an actual/360 basis. The fifth has the same terms as well as a one-year interest-only period.
Lending operations at Freddie Mac are structured based on the region of the property; in this case there were two divisions involved. Bieber reported that these two regions–the Southeast and Central–worked in tandem to ensure that properties were rate-locked and closed in unison. “Freddie Mac provided premier service throughout this deal,” he says.