NEW YORK CITY-Beech Street Capital LLC said Tuesday that it had closed $94.4 million in Freddie Mac loans to refinance a 12-asset multifamily portfolio in the East and West Village and on the Upper East Side and Lower East Side. The borrowers, brothers Henry Moses and Robert Moses, have owned and operated the properties, which total 488 units, since acquiring them between 1999 and 2008.
According to a release, the bulk of the existing loans were held with a Wall Street lender and had a few years of interest-only payments. When the amortization began taking effect on the loans, the Moses Brothers opted to pay the defeasance penalty and obtain full-term, seven-year interest-only loans via Beech Street. The transaction, which was originated by Josh Rhine of Meridian Capital Group LLC, was financed by Beech Street as part of its correspondent relationship with Meridian.
The Moses brothers, who have been owner/operators for the past three decades, were “extremely pleased with the entire process,” Rhine says in a release. “Beech Street understood what they wanted and delivered accordingly.” The fixed-rate loans entail 6.75 years of defeasance.
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