Beech Street Capital has written $92.6 million of Freddie Mac mortgages for three apartment properties with 1,333 units in the Nashville, Tenn., area.
The loans have seven-year terms and require only interest payments for their first two years. They were arranged by Meridian Capital Group.
The three properties are: Cherry Creek apartments, with 627 units at 1100 Crystal Spring Lane in Hermitage, Tenn.; Arbors at Brentwood, with 346 units at 100 Brentwood Place in Nashville; and Cambridge at Hickory Hollow, with 360 units at 660 Bell Road in Antioch, Tenn. They were purchased, along with a fourth property, this summer by Harbor Group International. The Norfolk, Va., company paid $130.5 million, or $81,563/unit, for the four properties it bought.
Harbor had purchased the properties from an affiliate of Lehman Brothers.
The loan that Beech Street wrote was used by Harbor to help retire what was a $116.8 million loan that was maturing this month. That loan had been securitized through LB-UBS Commercial Mortgage Trust, 2007-C7.
Comments? E-mail Orest Mandzy, or call him at (267) 247-0112, Ext. 211.