NEW YORK CITY-Beech Street Capital, based in Bethesda, MD, haspaired up with locally based Meridian Capital on a $175-millionFannie Mae DUS loan to refinance a New York City multifamilyproperty. Beech Street also originated a $100-million loan torefinance a portion of a Daly City, CA apartment complex.

The borrowers on both the East and West coasts asked to not beidentified, Beech Street and Meridian tell GlobeSt.com. The NewYork City asset is a 490-unit high-rise, while the Daly Citycomplex is a mix of mid-rise and garden-style apartments andincludes a total of 2,983 units; the Beech Street refi covers threeloans on 1,049 of those units.

Common to both refis was the need for speed, and Beech StreetCEO Grace Huebscher tells GlobeSt.com each was accomplished inabout 30 days. In one case, the borrower’s existing loan wasmaturing, while in the other, it was a desire to deal with some“year-end issues.”