Beech Street Provides $68M For Mid-Atlantic MF Portfolio

PHILADELPHIA–Beech Street Capital has arranged the $68 million refinance of a four-property apartment portfolio owned by the Galman Group, providing conventional Fannie Mae loans. The properties have 1,106 units in total, and they are located in Philadelphia and Conshohocken in Pennsylvania, and Newark and New Castle in Delaware.

According to Beech Street’s vice-president in Boston, Brian Sykes, the Galman Group approached the mortgage banking company looking to lock in historically-low interest rates on the properties, each of which had a mortgage that would be maturing this year. Each mortgage loan had a different expiration date, however, determining when refinance could be accomplished without penalty.