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Beech Street Capital provides $45m on Delaware apartments

Beech Street Capital has provided $45m to a joint venture between the Commonwealth Group and Emory Hill Companies for the refinancing of Christiana Meadows, an apartment community in Bear, Delaware.

Beech Street Capital has provided $45m to a joint venture between the Commonwealth Group and Emory Hill Companies for the refinancing of Christiana Meadows, an apartment community in Bear, Delaware.

The ten-year loan carries an interest rate of 3.62 percent.

The fixed-rate, interest only loan takes out a previous $32m refinancing from Fannie Mae in May 2011, which at the time valued the property at an appraised $49.4m.

Christiana Meadows
Christiana Meadows

The property, built in 1987, is spread across 49 acres at 265 Bear Christiana Road, about 11 miles southwest of downtown Wilmington. The garden-style apartment community with an occupancy of 92 percent has 54 three-story buildings with single and double bedroom plans.

James Conley, managing director for HFF, and real estate analyst Mike Pagniucci arranged the loan.

HFF’s debt transaction volume has grown almost 50 percent over the last year, with a total of 476 transactions closed in first quarter of 2015, according to the Pittsburgh-based firm’s first quarter results.

Last week, HFF arranged three loans worth $200m in the states of Texas and Colorado. The three loans included an $89.5m construction loan provided by Wells Fargo and CrossHarbor Capital Partners for Continuum Partners’ A Block at Union Station, a 310,055 sq ft mixed-use development in Denver, Colorado.

The second was a $65.5m loan from Goldman Sachs Mortgage Company to Cypress Equities to refinance Bassett Place, a 595,400 sq ft regional mall in El Paso, Texas. The third was a $45m Freddie Mac loan to PCC Partners and Iron River Management for The Parc at Cherry Creek, a 408-unit, garden-style apartment community on 20 acres at 7555 East Warren Drive in Denver.

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