ALEXANDRIA, VA-An LLC called VNS Investmentshas acquired an apartment building here called Mallard Courts for$23 million. The company financed it through a FannieMae loan for $18.9 million, which was secured viaBeech Street Capital.
The 10-year term loan was below 4% at full leverage,Jacob Katz of Meridian Capitaltells GlobeSt.com. Katz, who originated the loan, also adds that itis structured with several years of interest-only financing.
“Spreads have tightened over the last several weeks and FannieMae is being very competitive for the right deals in theMid-Atlantic,” he says. Another plus for the transaction: Meridianand Beech Street were able to close the loan in under 30 days.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
