BOSSIER CITY, LA-Beech Street Capital LLC has made its firstpermanent loan in Louisiana, providing $28 million to The GoodCompanies to refinance its Villagio mixed-use project here.

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“As a new lender, this was our first financing in Louisiana,”says Jeff Lee, executive vice president of Bethesda, MD-based BeechStreet Capital. “We had to get familiar with the market, and wewanted to pick a quality asset with a quality sponsor.”

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Beech Street's Cheryl Higley in its Dallas office sourced andoriginated the Fannie Mae DUS loan. The 10-year, fixed rate loanhas a 70% LTV, a sub-5% interest rate and a 30-yearamortization.

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The refi takes out a construction loan for the upscale, class Aproject, which consists of 239 apartments and 51,479 square feet ofretail space spread across 10 three-story buildings. Completed inmid-2009, the project is the first phase of a 64-acre plannedcommunity.

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Designed to recreate a Tuscan village, the project will alsoinclude residential condos, office space and a six-acre lake. It islocated in the prestigious North Bossier City area at theintersection of Interstate 20 and Highway 80.

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Villagio is within walking distance to Bossier City CommunityCollege and its 4,500 students and is less than three miles fromBarksdale Air Force Base and its 9,000 military and civilianpersonnel. Moreover, Villaggio is the centerpiece of the new Cybercommunity: the $100 million Cyber Innovation Center and the CyberResearch Park are within minutes of Villaggio.

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Texarkana, TX-based Good Companies is led by founder andprincipal John Good Jr. Lee tells GlobeSt.com that Beech Street wasattracted to Good’s experience and previous projects in Louisianaand competed for the deal. “We went down there and personallypresented the deal,” he says.

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As founder of Stonebridge Development in 1996, Good developed a330-acre project that housed Bossier City and Louisiana’s firstFred Couple’s PGA professional golf course and residentialcommunity. In eight years, Stonebridge has developed nine interiorsections totaling 320 lots and over $30 million in real estatesales.

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Good also served as master developer of Louisiana Boardwalk, a$190 million retail outlet and entertainment center thattransformed the Bossier City’s riverfront into a major tourismdestination. He secured the state’s first Bass Pro and more than 30“first time” retailers to Louisiana.

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