(Mark Your Calendars: RealShare Apartments East, February 15th in Washington, DC)
ORANGE COUNTY, CA-Beech Street Capital hasarranged $30 million in financing for the 272-unit AmberwayApartments. The financing is notable both for locking in afavorable rate for the borrower, while timing the closing in a waythat minimizes the borrower’s prepayment penalty, according toBeech Street senior vice presidents Kristin Croxton and GregoryReed.
Investor Patrick Cadigan, working with the realestate investment firm of Greenwood &McKenzie, sought a $30 million loan to refinance existingdebt of $23.3 million. The prepayment penalty represented asubstantial portion of the difference. The borrower wasconcerned that interest rates would rise if he delayed refinancingany further, according to the lender.
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