Beech Street Capital Arranges $4.5 million Freddie Mac loan to refinance Hunting Lodge Apartments near the University of Connecticut.
Storrs, Conn. — Beech Street Capital has secured a $4.5 million through Freddie Mac for the refinancing of an off-campus student housing community in Storrs. Hunting Lodge Apartments contains 40 units and is located less than a mile from the University of Connecticut. The undisclosed borrower purchased the property in 2009 and completed a $400,000 capital improvements program, which led to occupancy levels rising from 80 percent to 100 percent during the time.
The new loan will refinance the borrower’s existing floating-rate, recourse debt. Proceeds will also be reinvested into the property. The new financing carries a 7-year term with 6.5 years of yield maintenance and a 30-year amortization schedule. Brian Sykes of Beach Street’s Boston office originated the loan.
— Coleman Wood