KING OF PRUSSIA, PA—Beech Street Capital, a Capital One company based in Bethesda, MD, reports it has provided a $34-million, 10-year loan to refinance the Valley Forge Towers North high-rise apartment building here.

The financing was provided to the Galman Group, the owner of the 15-story, 242-unit tower. The firm owns and manages more than 7,000 apartment communities and condominiums. The fixed-rate loan has a 10-year term with repayment based on a 30-year mortgage amortization. Brian Sykes, senior vice president working out of Beech Street's Boston office, originated the transaction.

“Through Capital One's derivatives desk, we were able to offer the borrowers a very competitive 10-year fixed rate,” Sykes says. “Galman has been a client of ours for several years, and we're excited to see how our teamwork with Capital One can continue to serve their needs in the future.”

Valley Forge Towers North contains one-, two- and three-bedroom units ranging in size from 1,079 square feet to more than 1,600 square feet. The property also includes 11,000 square feet of office space, 19,000 square feet of retail, 8,000 square feet of commercial storage, and 178 garage parking spaces.