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Beech Street Capital Closes $34MM Term Loan to Refinance Valley Forge Towers

March 19, 2014, 07:04 AM
Filed Under: Real Estate

Beech Street Capital, a Capital One company, announced today that it has provided a $34 million 10- year loan to refinance Valley Forge Towers North, a 242 unit, 15-story high-rise apartment building in King of Prussia, Pennsylvania. The transaction was originated by Brian Sykes, senior vice president working from Beech Street’s Boston office. The client was the Galman Group, which owns and manages more than 7,000 quality apartment communities and condominiums.

The transaction illustrates the additional resources that Beech Street’s originators can bring to bear for its lenders, thanks to its recent merger with Capital One. “Through Capital One’s derivatives desk, we were able to offer the borrowers a very competitive 10-year fixed rate,” Sykes says. “Galman has been a client of ours for several years, and we’re excited to see how our teamwork with Capital One can continue to serve their needs in the future.”

Galman was pleased with the results. “Beech Street supplied us with a very competitive financing rate that was specific to our needs,” said Arnold Galman, founder of the Galman Group.

The property contains one-, two- and three-bedroom units ranging in size from 1,079 square feet to over 1,600 square feet. The property also includes 11,000 square feet of office space, 19,000 square feet of retail, 8,000 square feet of commercial storage, and 178 garage parking spaces.

The fixed-rate loan has a ten-year term with repayment based on a 30 year mortgage amortization.

Capital Beech Street Capital, a Capital One company, is a mortgage banking company engaged in originating, underwriting, closing, and servicing high-quality multifamily, manufactured housing, student housing, senior living properties and long-term care facilities nationwide. Our multifamily and seniors housing experts customize each transaction to meet the needs of our borrowers with Fannie Mae, Freddie Mac, FHA, and non-agency lending sources. Beech Street is headquartered in Bethesda, Maryland, Beech Street has offices in Alabama, California, Florida, Georgia, Illinois, Massachusetts, New York and Texas.

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