NEW YORK CITY-Langsam Property Services Corp. has secured $31.9 million in refinancing for a portfolio of apartment buildings the company owns in the Bronx and Yonkers. Financing was through Fannie Mae loans in a transaction facilitated by Beech Street Capital.

Joel Goodman, assistant VP, credit at Beech Street Capital tells GlobeSt.com that the deal was done quickly--with site inspections and lease audits completed in two days--due to several factors.

“The borrower’s existing financing was coming due so he was under a time frame to get that done and he also wanted to capture the low rates,” Goodman says. “That’s why we moved as quickly as we did.

Goodman and his team--which included Kanett Curtis, Amy Sodeinde and Tyrone Purdie--worked the deal as part of Beech Street’s correspondent relationship with Meridian Capital Group, which originated the loan. Meredian was represented by brokers Michael Kesselman and Matt Texler.

The refinancing was for 21 different apartment buildings--most in Bronx, one in Yonkers. The portfolio consists of over 1,000 units. Some of the refinancing proceeds will be used to maintain them.

“They are making some renovations to the buildings as needed—both to the exterior and to the interior units,” Goodman says. “When units turn over, they do go in and replace cabinetry and appliances and redo the floors of the units.”

Goodman describes Langsam as a conservative, “long-term hold buyer.” This was the first time that the two groups had worked together.

Closing the deal in such a short time frame required a coordinated effort with consultants. Appraisers and engineers were both present during the two-day window when the buildings were inspected.

Nineteen of the properties have a fixed-rate loan with a 10-year term and two have a seven-year term payable on a 30-year amortization schedule.